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technical analysis ethereum

Ethereum (ETH) Turned Sell On Rallies, What’s Next?

Avatar Aayush Jindal 2 months ago
  • Ethereum is down more than 2% and it broke the $142 support area against the US Dollar.
  • The price is currently correcting higher, but it could face hurdles near $142 and $144.
  • Yesterday’s major bearish trend line is active with resistance near $145 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price remains in a bearish zone and it may perhaps decline further below $138.

Ethereum price is showing bearish signs below $145 versus the US Dollar, similar to bitcoin below $7,200. ETH price is likely to extend its decline towards $135 or $132.

Ethereum Price Analysis

After struggling to clear the $152 resistance, Ethereum declined below the $148 support against the US Dollar. Moreover, ETH price settled below the $148 support area and the 100 hourly simple moving average.

As a result, the bears gathered pace below the $144 support area. Finally, the price traded below the $142 support and spiked below $140. A swing low was formed near $139 and the price is currently correcting higher.

It is trading above the 23.6% Fib retracement level of the recent slide from the $148 high to $139 low. On the upside, there is a strong resistance forming near the $142 and $144 levels.

An immediate resistance is near the 50% Fib retracement level of the recent slide from the $148 high to $139 low. Additionally, yesterday’s major bearish trend line is active with resistance near $145 on the hourly chart of E

  • Ethereum is down more than 2% and it broke the $142 support area against the US Dollar.
  • The price is currently correcting higher, but it could face hurdles near $142 and $144.
  • Yesterday’s major bearish trend line is active with resistance near $145 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price remains in a bearish zone and it may perhaps decline further below $138.

Ethereum price is showing bearish signs below $145 versus the US Dollar, similar to bitcoin below $7,200. ETH price is likely to extend its decline towards $135 or $132.

Ethereum Price Analysis

After struggling to clear the $152 resistance, Ethereum declined below the $148 support against the US Dollar. Moreover, ETH price settled below the $148 support area and the 100 hourly simple moving average.

As a result, the bears gathered pace below the $144 support area. Finally, the price traded below the $142 support and spiked below $140. A swing low was formed near $139 and the price is currently correcting higher.

It is trading above the 23.6% Fib retracement level of the recent slide from the $148 high to $139 low. On the upside, there is a strong resistance forming near the $142 and $144 levels.

An immediate resistance is near the 50% Fib retracement level of the recent slide from the $148 high to $139 low. Additionally, yesterday’s major bearish trend line is active with resistance near $145 on the hourly chart of ETH/USD.

If there is an upside break above the trend line, Ethereum price could test the $148 resistance area. An intermediate resistance is near the 100 hourly simple moving average or $147. The main resistance is still near the $152 area.

Conversely, the price could struggle to recover above the $144 and $145 resistance levels. In the mentioned case, the price will most likely resume its decline below the $140 level.

An initial support is near the $138 level, below which there is a risk of a drop towards the $132 support. An intermediate support is seen near the $135 level. Any further losses may lead the price towards $125.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is trading in a downtrend below the $152 and $145 resistance levels. As long as there is no close above $152, sellers remain in control and the price is likely to slide towards $132.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is likely moving back into the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently correcting higher towards the 40 level.

Major Support Level – $135

Major Resistance Level – $144

TH/USD.

If there is an upside break above the trend line, Ethereum price could test the $148 resistance area. An intermediate resistance is near the 100 hourly simple moving average or $147. The main resistance is still near the $152 area.

Conversely, the price could struggle to recover above the $144 and $145 resistance levels. In the mentioned case, the price will most likely resume its decline below the $140 level.

An initial support is near the $138 level, below which there is a risk of a drop towards the $132 support. An intermediate support is seen near the $135 level. Any further losses may lead the price towards $125.

Looking at the chart, Ethereum price is trading in a downtrend below the $152 and $145 resistance levels. As long as there is no close above $152, sellers remain in control and the price is likely to slide towards $132.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is likely moving back into the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently correcting higher towards the 40 level.

Major Support Level – $135

Major Resistance Level – $144

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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