Ethereum price failed to climb above the $142.00 resistance and declined below $134.00. ETH/USD is currently trading below $130.00 and it could continue to slide in the near term.
- Ethereum price topped near the $138.00 level recently and declined below $134.00.
- ETH/USD is trading below a crucial resistance at $134.00 and a bearish trend line on the 30-minute chart.
- The price could correct higher, but it is likely to face sellers near $133.65 and $134.00.
Ethereum Price Analysis
After continuous failure near the $142.00 resistance, Ethereum price started a solid downward move below the $137.80 support level. ETH/USD declined steadily and broke the key $135.80 and $133.65 support levels to enter a bearish zone.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair topped at $137.99 and started a steady drop. During the slide, the pair broke an important support near the $133.65 level and the 25 simple moving average (30-min).
Sellers gained pace and the price broke the $130.00 support level. A new intraday low was formed at $128.95 and the price is currently trading with a strong bearish bias. An initial resistance on the upside is near the $131.00 level and the 23.6% Fib retracement level of the recent drop from the $137.99 high to $128.95 low.
The main resistance is near the $133.65 level (the previous support). It now coincides with the 50% Fib retracement level of the recent drop from the $137.99 high to $128.95 low.
Besides, there is a crucial bearish trend line in place with resistance at $134.40 on the same chart. Therefore, if the price corrects higher, it could face many hurdles on the upside near the $133.65, $134.00, $134.40, and $135.00 resistance levels.
The current price action is clearly bearish, suggesting more losses in Ethereum price below the $128.95 low. Having said that, ETH is now approaching a couple of important support levels near $125.00 and $124.00, where buyers are likely to take a stand. On the upside, a proper close above $134.40 and $135.00 will most likely open the doors for a decent rebound in the coming sessions.
The market data is provided by TradingView, Bitfinex.