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- The price of ETHs has recently been corrected downward after trading near the US $ 140 resistance against the US dollar.
- The price tested the key support level of $ 137, which represented resistance earlier.
- A new uptrend line of connection formed with support over USD 135 on the ETH / USD time chart (data feed via Kraken).
- The bulls are currently competing for support of $ 137, with the price remaining in a bullish zone.
The price of Ethereum is consolidating above the main carriers against the US dollar and Bitcoin. The ETH could increase more quickly once the resistance levels of $ 139 and $ 140 are cleared in the short term.
Ethereum Price Analysis
Earlier this week, we saw a sharp rise in the price of ETHs, above the resistance of $ 135 against the US dollar. The ETH / USD has even surpbaded the $ 137 resistance and the single moving average every hour. Buyers pushed the price towards the resistance of $ 140, where she faced a strong selling interest. As a result, the adjusted price is below the support level of $ 138. However, the previous resistance level, close to $ 137, prevented declines and was a powerful support.
The price has recently recovered above the Fib retracement level of 23.6% from the recent decline, from the low of $ 140 to $ 137. However, the current price trend suggests range variations, with the recent rally being limited to $ 139. In addition, the Fib retracement level of 50% of the recent decline, from $ 140 to $ 140, served as resistance. It seems that the bulls are fighting hard to protect the support area by $ 137. If there are more losses, the price can test support at $ 136 and the simple moving average every hour.
More importantly, there is a new uptrend line of connection formed with support over $ 135 on the ETH / USD time chart. As a result, there are many downside supports near the levels of $ 137, $ 136 and $ 135. On the upside, the price must gain ground above the resistance of $ 139 and $ 140. If buyers gain momentum, the price should accelerate to a level above the $ 144 level in the near term.
Looking at the chart, the Ethereum price is trading well above the $ 136-137 support zone. In the short term, there may be range variations above the $ 136 level before the price rises. On the upside, a break above the $ 140 mark should give buyers more control. In the case mentioned, the price could rise sharply above the levels of 142 and 144 dollars.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is about to return to the bull market.
RSI hourly – The RSI for ETH / USD is currently well above the 50 level.
Major Support Level – $ 136
Major resistance level – $ 140
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