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- The ETH price started a downward correction after testing the resistance zone of 149-150 USD against the US dollar.
- There was a break under a key uptrend line with USD 146 support on the ETH / USD time chart (data feed via Kraken).
- There was an increase in sales pressure and the price tested from the support area of $ 139-140.
- Some important supports are in place near the levels of $ 141, $ 140 and $ 136.
The price of Ethereum began a short-term correction against the US dollar and Bitcoin. ETH / USD must remain above US $ 136 and the single moving average every 100 hours to rebound.
Ethereum Price Analysis
In recent days, ETH prices have skyrocketed and broken the resistance of 135 and 140 dollars against the US dollar. The ETH / USD pair even traded to the resistance zone at $ 150, where sellers emerged. A peak was formed just below the $ 150 level and later the price began a downward correction. It went under the $ 146 support and the Fib retracement level of 23.6% from the last step, from $ 135 to $ 150. This opened the door to more earnings and the price dropped to the support zone at $ 140.
In addition, there was a break below a key uptrend line with support at $ 146 on the ETH / USD time chart. The pair fell below the Fib retracement level by 50% from the last stage, from 135 USD to 150 USD. However, many important support mechanisms are in place near the levels of $ 141, $ 140 and $ 136. The main support is close to the $ 138 level. It coincides with the Fib retracement level of 76.4% from the last stage, which goes from $ 135 to $ 150. In addition, the simple 100-hour moving average is positioned near the $ 136 level to provide a solid support.
Therefore, if the price continues to fall, the levels of $ 138 and $ 136 are likely to avoid losses. If there is a break and a shutdown under the ADM every 100 hours, the price could fall further to approach the $ 130 level. On the other hand, if the price finds support close to $ 138, it could start a new bullish movement.
Looking at the chart, the ETH price corrected lower from the resistance zone to $ 150. However, hollows remain sustained as long as the price is higher than the pivot zone of $ 136. On the upside, an initial resistance is close to $ 145, above which the price could retest $ 150.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD has returned to the bearish zone, with some bearish signs.
RSI hourly – The RSI for ETH / USD is now just below level 50, with a bearish angle.
Major Support Level – $ 136
Major resistance level – $ 145
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