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Home Technical analysis

Ethereum Price Analysis: ETH Could Turn Bearish Again Below $134

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis ethereum
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  • ETH price failed to break the $139 and $140 resistance levels against the US Dollar.
  • The price started a downside move, with an increase in selling pressure below the $138 level.
  • Yesterday’s highlighted ascending channel with support at $137 was breached on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline sharply if sellers manage to push the price below the $134 support level.

Ethereum price is struggling to hold recent gains against the US Dollar and bitcoin. ETH/USD is now at a risk of a downside break if the $134 support fails to hold the current decline.

Ethereum Price Analysis

In the past few sessions, ETH price faced a strong barrier near the $139 and $140 resistance levels against the US Dollar. The ETH/USD pair made a couple of attempts to surpass the $140 barrier, but buyers failed to gain momentum. The last swing high was formed just below $140 before the price started a fresh downside move. Sellers gained pace and pushed the price below the $138 and $136 support levels.

During the decline, yesterday’s highlighted ascending channel with support at $137 was breached on the hourly chart of ETH/USD. The pair dropped sharply towards the $134 support level, where buyers emerged. More importantly, the 100 hourly simple moving average acted as a strong support near the $134 level. Later, the price recovered above the $135 level and the 50% Fib retracement level of the recent drop from the $140 swing high to $134 low. However, the upside move was capped by the broken channel trend line and the $137.50 level.

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Besides, the 61.8% Fib retracement level of the recent drop from the $140 swing high to $134 low acted as a significant resistance. The price fails to move above $138 and it is currently following a bearish path. On the downside, the $134 support and the 100 hourly SMA are important barriers for sellers. If they succeed in taking out $134, there could be a sharp drop in Ethereum price below the $132 level. The next key support is near the $129 level, which was a resistance earlier.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly facing a strong barrier near the $138, $139 and $140 resistance levels. As long as the price is below $140, there is a risk of a fresh decline below the $134 and $132 levels. The next important support could be near the $129-130 zone.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing a few negative signs in the bearish zone.

Hourly RSI – The RSI for ETH/USD declined steadily and moved below the 50 level< with a bearish angle.

Major Support Level – $134

Major Resistance Level – $140

Tags: ETHethereum
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Aayush Jindal

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 markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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