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

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.

Ethereum Price Analysis ETH Chart

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.


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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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