Technical Indicators:
Support Level: $134
Resistance Level: $139
Key Points:
- ETH price was unable to break the major resistance around $140 yet again.
- After testing the resistance, ETH price started a downward correction as more sellers emerged.
- If the current support around $134 is broken, Ethereum price could turn bearish.
ETH price was unable to keep up with the rising trend and started a downward correction after testing the major resistance. Ethereum is at risk of falling below the support level of $134, which could turn the overall momentum bearish.
ETH Price Analysis
ETH price was unable to break the major resistance around $140 where a lot of sellers were placed. The massive selling pressure pushed the price downwards towards $136 support level. The supports around $136 and $138 were broken and hence ETH price tested the $134 support which proved strong enough to prevent further losses.
The 100 hourly SMA near the $134 level also proved strong to act as significant support. If the current support at $134 is broken, the next support lies at $128 and hence, the overall momentum of Ethereum price will turn bearish. There are chances of further gains only if the buyers are able to break the strong resistance around $138 and $140.
The chart shows that Ethereum is currently facing a lot of selling pressure around $140 resistance level. If buyers are not able to break the current resistance, Ethereum might decline further below $130 and turn the momentum bearish.
