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- The price of ETH failed to break the resistance of $ 139 and declined sharply against the US dollar.
- The price exceeded the key support level of $ 134 to enter a bearish zone.
- A new downtrend line is formed with a resistance of USD 139 on the ETH / USD time chart (data feed via Kraken).
- The pair is expected to experience difficulties close to the $ 135 and $ 136 levels if it corrects higher in the near term.
The price of Ethereum fell sharply under the key supports against the US dollar and Bitcoin. ETH settled below $ 136 and the ADM every 100 hours, which is a bearish sign in the near term.
Ethereum Price Analysis
The ETH price has again tried to exceed the resistance zone of 139-140 USD against the US dollar. The ETH / USD pair failed to break the resistance at $ 140 and then began a downward trend. There were variations in the range above $ 138 before sellers took charge and pushed the price down to $ 136 and the simple moving average to 100 hours. There was a break below the upward trend line of $ 138 on the hourly chart, which opened the door to further losses.
As a result, there was a sharp decline and the price fell below the support level of $ 134. The price is traded to support at $ 132 and is set below the simple moving average at 100 hours. Recently, he corrected higher than the $ 133 level and the Fib retracement level of 23.6% from the last drop since the low of $ 140 to $ 132. Buyers even pushed the price above the $ 134 level, but increases were limited by $ 136 resistance. In addition, the Fib retracement level of 50% of the last decline, from $ 140 to $ 132, served as resistance.
It seems that the previous support zone, close to $ 136, acts as a solid resistance. As a result, the price may strengthen in the short term before attempting to cross the $ 136 threshold again. On the upside, the next resistance is close to $ 137 and the ADM every 100 hours. In addition, a new downtrend line is forming with resistance at $ 139 on the ETH / USD time chart.
Looking at the chart, the price of ETHs has clearly moved into a bearish zone under support at $ 136 and ADM every 100 hours. If buyers are struggling to bring the price back above the levels of $ 136 and $ 137, there is a risk of more inconvenience. Initial support is close to $ 134, below which the price can come down to $ 132.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is about to go into bullish zone.
RSI hourly – The RSI for ETH / USD fell below level 50 and is currently below level 40.
Major support level – $ 132
Major resistance level – $ 137
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