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.
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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.
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).
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.