Ethereum price extended its decline and broke the $136.50 support area. ETH/USD traded as low as $132.70 and it is currently correcting higher towards key resistances.

  • Ethereum price is under a lot of pressure and declined recently below $136.50 and $135.50.
  • A new connecting bearish trend line is formed with resistance at $135.80 on the 30-minute chart.
  • ETH remains in a downtrend and it is likely to decline again as long as it is below $136.80.

Ethereum Price

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Ethereum Price Analysis

In yesterday’s analysis, we discussed the chances of more losses in Ethereum price below the $136.50 and $135.50 support levels. ETH price did move down and broke the $135.50 and $135.00 support level to enter a downtrend.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair failed to clear the $138.60-139.00 resistance area and later started a downward move. Sellers remained in control below $137.00 and the 25 simple moving average (30-min).

Recently, there was a sharp decline in bitcoin, ripple, bitcoin cash and other cryptocurrencies. ETH was also dragged lower, resulting in a break below the $136.60 and $135.50 support levels.

The price even traded below $134.00 and formed a new low at $132.70. Recently, there was an upside correction above the $134.50 level and the 23.6% Fib retracement level of the latest decline from the $138.76 high to $132.70 low.

However, there are many sell zones on the upside near the $136.00 and $137.00 levels. There is also a new connecting bearish trend line is formed with resistance at $135.80 on the same chart. Above the trend line, the next hurdle is near $136.50 and the 61.8% Fib retracement level of the latest decline from the $138.76 high to $132.70 low.

Overall, Ethereum price has entered a bearish zone and it may decline once again as long as sellers are active below $136.00 and $137.00. On the downside, an immediate support is at $134.50, below which ETH is likely to revisit the $132.70 swing low in the near term. The next key support is at $130.50.

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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