Ethereum price failed to surpass the $144.00-145.00 resistance area. ETH/USD is declining slowly and it remains at a risk of a downside break below the $136.20 support level.
- Ethereum price struggled to settle above $142.00 and declined below $140.00.
- ETH/USD is trading below a major bearish trend line with resistance at $139.00 on the 30-minute chart.
- The price could gain bearish momentum if it continues to struggle near the $142.00 barrier.
Ethereum Price Analysis
After a sharp dip, bitcoin, Ethereum, ripple, EOS, litecoin, XLM and other altcoins recovered nicely. ETH/USD traded as low as $131.00 and later climbed above the $136.00 and $140.00 resistance levels.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair even traded above the $141.00 level and the 25 simple moving average (30-min). However, there was no break above the $142.00 resistance and a swing high was formed near the $141.71 level.
Later, the price started a steady decline and traded below the $140.00 and $139.00 levels. There was a break below the 23.6% Fib retracement level of the last leg from the $131.00 low to $141.71 high. However, the $136.50 level acted as a decent support.
It seems like there is a strong support formed between the $135.40 level and the $136.50 zone. The 50% Fib retracement level of the last leg from the $131.00 low to $141.71 high is also near the $136.40 level.
Therefore, if the price dips further, the $136.40 level could act as a strong support. A failure to hold the $135.40 support level may push the price back into the bearish zone. The next support is near the $131.00 swing low, followed by $130.20.
To sum up, Ethereum price is under pressure below $142.00 and a major bearish trend line with resistance at $139.00 on the same chart. A successful close above the trend line and $142.00 is required for an upside acceleration. If not, there is a risk of a downside break below the $135.40 support in the coming sessions.
The market data is provided by TradingView, Bitfinex.