Ethereum price broke the $130.00 support and tested $126.00. ETH/USD is currently consolidating and it seems like a bearish continuation pattern is in place with support at $128.00.

  • Ethereum price moved into a bearish zone with a close below the $133.65 and $130.50 supports.
  • ETH/USD is trading inside a contracting triangle with resistance at $130.00 on the 30-minute chart.
  • The price could accelerate losses once there is a break and close below $126.00.

Ethereum Price

Ethereum Price Analysis

There was an increase in selling pressure on Ethereum price below the $134.00 and $133.65 supports. ETH/USD even broke the $130.50 and $128.00 support levels to move further into a bearish zone.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair declined further below the $128.00 support level. It traded below the $126.00 support and the 25 simple moving average (30-min). A new weekly low was formed at $125.93 and the pair is currently consolidating losses.

It corrected above the $128.00 level and the 23.6% Fib retracement level of the latest decline from the $137.40 high to $125.93 low. However, the upward move was capped by the previous support at $130.50.

More importantly, the price is trading inside a contracting triangle with resistance at $130.00 on the same chart. If there is an upside break above the $130.50 level, the price could test the $131.60 level and the 50% Fib retracement level of the latest decline from the $137.40 high to $125.93 low.

The next main hurdle for buyers is near the $133.65 level, above which the price could recover above $135.00. On the other hand, the triangle pattern could be a bearish continuation pattern from the $132.00 swing high.

Therefore, if Ethereum price breaks the triangle support and clears the last swing low near $126.00, there may be a sharp drop below the $125.00 level. Clearly, ETH remains in a downtrend unless buyers gain pace above the $130.50 and $133.65 resistance levels. On the downside, the main support below the $125.00 level is near the $120.50 level.

The market data is provided by TradingView, Bitfinex.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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