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- The ETH price plummeted again and tested the key support area at USD 139 against the US dollar.
- The price is up, but it must exceed the resistance levels of 142 and 143 dollars for more gains.
- An important downtrend line is in place with resistance at USD142 on the ETH / USD time chart (data feed via Kraken).
- The pair could trade in a range for a while, but sooner or later it's likely to come back to $ 145.
The price of Ethereum is currently consolidating in a range against the US dollar and Bitcoin. ETH remains well placed down and could resume its rise above 142 and 144 USD.
Ethereum Price Analysis
Recently, we have seen a sharp drop in the price of ETH against the US dollar, below the level of 140 USD. However, the ETH / USD pair found support close to the $ 139 level and then rebounded. It is above the $ 140 level and the 100-hour moving average. Buyers pushed the price above the $ 142 level and the Fib retracement level by 50% from the last slide, from $ 146 to $ 139. However, the last wave was limited by the resistance level of $ 143.
In addition, the 61.8% Fib retracement level of the last slide from the maximum of $ 146 to the low of $ 139 was a strong resistance. There is also an important downtrend line with resistance at USD142 on the ETH / USD time chart. The pair has been diving again recently and again tested the support at $ 139. However, sellers failed to gain ground below $ 139. The price is currently rising towards the resistance of $ 142 and the same trend line. A successful closing above the trend line followed by an increase in momentum above $ 143 is needed for more prospects.
The next key resistance is close to the $ 145 level and the last peak reached. If buyers are gaining ground, there could be a break above the $ 146 level and the price could go back up to $ 150. On the downside, the initial support is close to the USD 140 level and the single moving average every hour. The main support is $ 139, below which the price can become bearish in the short term.
Looking at the chart, the Ethereum price seems to be struggling to exceed $ 142 and $ 143. Once buyers have successfully removed the barriers mentioned, there may be a further increase above $ 145 and $ 146 in future sessions.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is about to return to the bullish zone, with a positive bias.
RSI hourly – The RSI for ETH / USD is currently rising, with a positive angle above the 50 level.
Major Support Level – $ 140
Major resistance level – $ 143
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