Ethereum price rebounded above the $136.00 level, but struggled to clear $139.00-140.00. ETH/USD could decline again before it tries to climb above $140.00.
- Ethereum price is facing important resistances near the $137.25 and $138.00 levels.
- A crucial bearish trend line is in place with resistance at $136.50 on the 30-minute chart.
- ETH price is likely to dip towards the $133.50 support before it could climb higher.
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Ethereum Price Analysis
After a sharp decline towards the $130.00 support level, Ethereum price recovered above the $133.50 and $135.50 resistance levels. However, ETH/USD failed to stay above the $138.00 and $139.00 levels, resulting in a downside reaction.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair traded as low as $130.55 and later jumped towards the $139.00 level. The price traded as high as $139.01 and later started a downside correction. It declined below the $137.00 level and the 25 simple moving average (30-min).
Besides, there was a break below the 23.6% Fib retracement level of the latest wave from the $130.55 low to $139.01 high. It seems like the price is following a crucial bearish trend line with resistance at $136.50 on the same chart.
There could be another attempt to clear the $136.50 or $137.25 resistance in the short term. If buyers fail to gain momentum above $137.25, the price could decline again. An initial support is near $134.80 and the 50% Fib retracement level of the latest wave from the $130.55 low to $139.01 high.
However, the main support is near the $133.50 level, where buyers are likely to emerge. To the topside, a successful break above $137.25 and $139.00 is likely to open the doors for more gains towards the $142.00 and $144.00 levels.
The current price action suggests another dip in Ethereum price towards the $133.50 support before buyers could take a stand. Later, ETH is likely to rebound above $137.25 and $140.00. Conversely, if there is a downside break below the $133.50 support, the price might revisit the $130.50 swing low in the near term.
The market data is provided by TradingView, Bitfinex.