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Home Cryptocurrency news Ethereum

Ethereum Is Showing Early Signs of Fresh Decline But 100 SMA Holds Key

Aayush Jindal by Aayush Jindal
11 months ago
in Ethereum, Technical analysis
Reading Time: 2min read
ethereum crypto short
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Ethereum is struggling to gain bullish momentum above the $142 and $144 resistances against the US Dollar. ETH price could start a major decline if it breaks the $135 support.

  • Ethereum is facing an uphill task as the bulls struggle near $135 against the US Dollar.
  • The price is currently holding the $135 support and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $135 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is slowly gaining pace, but it must break the $6,700 and $6,800 resistance levels.

Ethereum Price Holding Key Support

In the past three sessions, Ethereum made a couple of attempts to surpass the $142 and $144 resistance levels against the US Dollar. However, ETH price failed to continue above $144 and started a downside correction.

There was a break below the $140 level, plus the 23.6% Fib retracement level of the upward move from the $120 swing low to $144 high. The price even spiked below the $135 support, but the 100 hourly simple moving average acted as a strong support.

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The 50% Fib retracement level of the upward move from the $120 swing low to $144 high is also acting as a decent support for the bulls. Besides, there is a major bullish trend line forming with support near $135 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

Ethereum is clearly trading near a key support at $135 and the 100 hourly SMA. If the bulls fail to defend the $135 support level and the 100 hourly SMA, there is a risk of a sharp decline towards the $130 and $128 levels.

The main support below $130 is near the $120 level, where the bulls are likely to take a stand in the near term.

Chances of a Bullish Break

On the upside, the main hurdles for Ethereum are near the $142 and $144 levels. If the bulls succeed in clearing the $144 resistance, the price is likely to surge above the $145 and $148 levels.

The next resistance is near the $150 level, above which the bulls are likely to aim a test of the $158 level in the coming sessions. Any further gains could lead the price towards $165.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently struggling to stay above the 50 level.

Major Support Level – $135

Major Resistance Level – $144

Tags: ETHethereumethusd
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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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