technical analysis ethereum

Ethereum Price Analysis: ETH Back In Familiar Range, Can Buyers Take Control?

Avatar Aayush Jindal 5 months ago
  • ETH price recovered nicely from the $132 support level and traded above $134 against the US Dollar.
  • The price even cleared the $135 and $136 resistance levels, but upsides remain capped.
  • There is a crucial bearish trend line formed with resistance at $138 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might face a strong resistance near the $138 level and it could drop back to $135.

Ethereum price is slowly recovering higher against the US Dollar and bitcoin. However, there are many hurdles for ETH buyers near the $138 and $139 levels.

Ethereum Price Analysis

Recently, we saw a major drop in ETH price below the $134 support level against the US Dollar. The ETH/USD pair traded close to the $132 support level and later started a decent recovery. It climbed back above the $134 and $135 resistance levels. There was also a close above the $135 level and the 50% Fib retracement level of the recent decline from the $140 swing high to $132 low. However, there are still many hurdled for buyers on the upside, starting with $137 and ending near $140.

The price is currently trading near the $137 resistance and the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the recent decline from the $140 swing high to $132 low is also near the $137 level. On the upside, there is a strong resistance formed near the $138 level. There is also a crucial bearish trend line formed with resistance at $138 on the hourly chart of ETH/USD.

Below the trend line, the 76.4% Fib retracement level of the recent decline from the $140 swing high to $132 low is positioned. Therefore, if the price continues to move higher, it could face sellers near the $137 and $138 levels. The next main resistance is near the $140 level, which prevented gains on many occasions recently. On the downside, an initial support is at $135. A break below the $135 level may push the price back towards the $132 level.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is slowly climbing high and moving back in the key $130-140 range. It may continue to rise towards the range resistance, but a break above $138 and $140 won’t be easy. There are even chances of a fresh drop below $135 before the price climbs higher towards $140.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is showing positive signs and it could move into the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 50 level and it is moving higher towards the 60 level.

Major Support Level – $135

Major Resistance Level – $137

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