Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
- ETH price is holding the $133 and $134 support levels against the US Dollar.
- The price declined recently, but buyers protected losses below the $133 support level.
- There is a major bearish trend line formed with resistance at $136 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to make the next move either above $136 or below the $133 support in the near term.
Ethereum price is setting up for the next break against the US Dollar and bitcoin. ETH/USD buyers remain in action above $133 and they could attempt to push the price above $136 and $138.
Ethereum Price Analysis
After a sharp decline, ETH price bounced back from the $130 support level against the US Dollar. The ETH/USD pair recovered nicely and climbed back above the $134 level. It retested the $138 resistance levels, where sellers emerged. Later, the price started a downside correction and traded below the $136 level. There was a break below the 23.6% Fib retracement level of the recent wave from the $130 swing low to $138 high. Besides, there was a break below the $135 level and the 100 hourly simple moving average.
However, the $133-134 support area acted as a solid buy zone and prevented further losses. Moreover, the 50% Fib retracement level of the recent wave from the $130 swing low to $138 high acted as a support. At the moment, the price is trading higher and it recently surpassed the $135 level and the 100 hourly SMA. On the upside, there are many hurdles near the $136, $138 and $140 resistance levels. There is also a major bearish trend line formed with resistance at $136 on the hourly chart of ETH/USD.
If there is a successful break above the trend line and $136, the price could test the $138 or $140 resistance levels. Having said that, the price must clear the $140 barrier for more gains in the near term. On the other hand, if there is a bearish reaction, the price may slide towards the $131 level.
Looking at the chart, ETH price is trading in a range between $133 and $136. The next move could be either above the $136 resistance or below the $133 level. Having said that, buyers are likely to defend losses near the $134, $133 or $131 support level and buying dips might be considered as long as the price is above $129.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
Hourly RSI – The RSI for ETH/USD is rising higher and it is still placed above the 50 level.
Major Support Level – $133
Major Resistance Level – $138
