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ETH Price Analysis: Ethereum about to fall?

ETH price was unable to recover nicely. Ethereum is currently struggling to gain momentum and it might fall downwards towards $130 in short term.
ETH price was unable to recover nicely. Ethereum is currently struggling to gain momentum and it might fall downwards towards $130 in short term.

Technical Indicators

Support Level – $134

Resistance Level – $142

  • ETH price was unable to break over the $140 and $145 resistance levels against the US Dollar.
  • The price broke the $136 support level but later started to correct upwards, currently struggling around $137.
  • ETH price is currently in a bearish zone and it could fall beneath the $131 and $130 levels if sellers remain in pace.

ETH price was unable to recover nicely against the US Dollar and bitcoin. Ethereum is currently struggling to gain momentum and it might fall downwards towards $130 in short term.

 

ETH Price Analysis

After falling to $130, ETH price began an upward correction against the US Dollar.  Ethereum moved above the $136 and $137 resistance levels. In any case, the upside move was stopped by the $140 and $142 resistance levels. ETH price failed to close above $141-142 resistance zone, bringing a new decrease.

The price broke the $137 and $136 support levels to begin a new bearish move. It exchanged beneath the $136 support and settled underneath the 100 hourly SMA. There are bearish signs underneath $136 and proposes more losses in the short term.

If the selling price drives the price beneath the $133 level, ETH price could fall to the $130.The major resistance is around $140. An effective close above this resistance pursued by a break over the 100 hourly SMA is required for more gains.

ETHUSD Price Chart
ETHUSD Price Chart

Taking a look at the chart, Ethereum price is currently in a bearish momentum and it could fall underneath the $130 level. The major support after $130 is around $128. Underneath this support, the price could return to the $120 zone.

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Written by Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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