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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
technical analysis ethereum

Ethereum Price Analysis: ETH Turned Sell Until It Breaks $134

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read
  • ETH price made many swing highs and later declined below the $131 support against the US Dollar.
  • The price is now trading well below the $135 resistance and the 100 hourly simple moving average.
  • There was a break below a major triangle with support at $131 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down and it could test the $126 or $125 support level in the near term.

Ethereum price is under pressure below key resistances against the US Dollar and bitcoin. ETH/USD remains a sell until buyers manage to push the price above the $134-135 resistance area.

Ethereum Price Analysis

This past week, we saw how ETH price struggled near the $139 and $140 resistances against the US Dollar. The ETH/USD pair made many attempts to break higher towards $145, but it failed. Recently, it formed many swing highs such as $140, $138 and $135 before it started a downside move. Sellers gained pace below the $134 support, with a strong negative angle. There was a sharp drop below the $130 support and the price settled well below the 100 hourly simple moving average.

During the decline, there was a break below a major triangle with support at $131 on the hourly chart of ETH/USD. The pair even broke the $128 support and traded close to the $127 level. Later, there was a minor bounce above the $128 level. The price recovered above the 23.6% Fib retracement level of the recent decline from the $135 swing high to $127 low. However, the recovery remained capped by the $130 zone. It seems like there is a strong resistance formed near the $131 zone. Besides, the 50% Fib retracement level of the recent decline from the $135 swing high to $127 low is also near $131.

Above the $131 resistance, the next key resistance is near the $134 and $135 levels. More importantly, buyers need to push the price above $136 and the 100 hourly SMA for a sustained move higher. If they fail, there are chances of more losses below the $127 swing low.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly trading in a bearish zone below the $134 and $131 resistance levels. There could be a short term upside correction, but sellers remain in control below $134. On the downside, an initial support is at $126, followed by the $125 pivot level.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is placed heavily in the bearish zone.

Hourly RSI – The RSI for ETH/USD moved down sharply below the 30 level, with a bearish angle.

Major Support Level – $126

Major Resistance Level – $134

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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