Ethereum price is facing a lot of hurdles near $140.00. ETH/USD remains at a risk of more losses unless buyers gain strength above $139.20 and $140.00.
- Ethereum price extended losses this past week and tested the $135.00 support.
- ETH recovered and it is currently trading inside a contracting triangle with resistance at $138.60 on the 30-minute chart.
- There could be a fresh decline if the price continues to fail near $138.60, $139.20 and $140.00.
Ethereum Price Analysis
In the last two Ethereum price prediction, we discussed the chances of a downside extension of 5% towards the $135.00 support level. ETH did decline below $138.00 and tested the $135.00 support before starting an upside correction, but bitcoin price was comparatively stable above near $4,000.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair traded as low as $135.00 and later corrected higher. It traded above the $138.50 resistance level and the 25 simple moving average (30-min).
However, the price failed to gain strength above the $140.00 resistance area. The price formed a high at $140.70 and later declined below the $138.50 level. A swing low was formed at 136.39 and the price recently moved above the 23.6% Fib retracement level of the last drop from the 140.70 high to 136.69 low.
However, the $138.50 level is acting as a resistance along with the 50% Fib retracement level of the last drop from the 140.70 high to 136.69 low.
Besides, it seems like the price is trading inside a contracting triangle with resistance at $138.60 on the same chart. Therefore, the price is likely setting up for the next break either above $138.50 or below the $136.60 swing low.
On the upside, there are many resistances near $138.60, $139.20 and $140.00. Therefore, if Ether buyers continue to struggle near the $139.20 or $140.00 resistance, there are chances of another bearish reaction in ETH towards the $135.00 or $133.50 levels in the coming sessions. On the other hand, a successful close above $140.00 and $140.70 could set the pace for a move towards $150.00.
The market data is provided by TradingView, Bitfinex.