Ethereum price is trading below the key $142.00 resistance level, with a bearish angle. ETH/USD is currently at a risk of a sharp drop unless buyers clear the $142.00 and $144.00 resistances.

  • Ethereum price is struggling to clear the $142.00 resistance area.
  • ETH seems to be following a crucial declining channel with resistance at $142.00 on the 30-minute chart.
  • There could be a nasty drop below $140.00 and $138.20 if there is no break above $142.00.

Ethereum Price

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Ethereum Price Analysis

After trading as high as $147.50, Ethereum price started a slow and steady decline. ETH/USD followed a bearish structure and formed a few lower highs such as $144.88 and $142.11 before moving into a bearish zone.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the last swing high was formed at $144.88 before the price dropped below the $142.00 and $140.00 support levels. It traded as low as $138.25 and later started a short term upside correction.

The price climbed above the $141.50 level and the 25 simple moving average (30-min). There was also a break above the 50% Fib retracement level of the last decline from the $144.88 high to $138.26 low.


However, sellers protected more upsides near the $142.30 level and the 61.8% Fib retracement level of the last decline from the $144.88 high to $138.26 low. Later, there was another attempt to clear the $142.00 resistance, but buyers failed to gain traction and a swing high was formed at $142.11.

At the moment, it seems like the price is following a crucial declining channel with resistance at $142.00 on the same chart. Therefore, a convincing break above the channel resistance and follow through above the $142.11 swing high is needed for a fresh upward move.

If buyers fail to gain bullish momentum above the $142.00 resistance, there could be a nasty drop below the $140.00 and $138.20 support levels in the near term.

Overall, Ethereum price is trading near a crucial resistance at $142.00. If ETH fails to climb higher, sellers are likely to take control and the price may drop towards the $136.00 support.

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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