EagleFX

Ethereum price is trading in a tight range below the $144.50 and $148.80 resistances. ETH/USD is setting up for the next break either above $145.00 or below $134.00 in the near term.

  • Ethereum price failed on many occasions to break the $144.50 and $145.00 resistances.
  • ETH/USD is likely to struggle near the $145.00 barrier and a bearish trend line at $144.90 on the 30-minute chart.
  • The price is likely to breakdown below $134.00 if it continues to struggle near $145.00.

Ethereum Price

Ethereum Price Analysis

After a sharp drop, Ethereum price started a slow and steady correction above $140.00 and $142.00. However, ETH/USD faced a strong hurdle near the $144.50 and $145.00 resistance levels, and later started trading in a tight range.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair traded as low as $134.59 and later corrected above the $140.00 and $142.00 levels. There was also a push above the $144.00 level and the 25 simple moving average (30-min).

Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $170.00 high to $134.59 low. However, the price faced a strong hurdle near the $144.50 and $145.00 resistance levels.

There was no upside break above the $145.00 level and later the price declined below $142.00 and the 25 simple moving average (30-min). The price is trading in a tight range and it seems like it is preparing for the next break either above $145.00 or below $134.00.

On the upside, there is a crucial resistance in place near $145.00 and a bearish trend line at $144.90. A break above the $145.00 resistance could start a recovery towards the $152.00 resistance and the 50% Fib retracement level of the recent decline from the $170.00 high to $134.59 low.

On the other hand, a downside break below the $134.59 swing low may push the price further into a bearish zone. The next key support is at $132.00 and $130.50. Overall, Ethereum price might continue to trade in a range before the next wave either above $145.00 or below $134.00.

The market data is provided by TradingView, Bitfinex.


Buy Crypto    Trade Crypto
eToro Risk Warning: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Avatar

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.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply

Your email address will not be published. Required fields are marked *