ETH Price Analysis: Ethereum going to turn bullish?

Technical Indicators:

Support Level: $133

Resistance Level: $140

 

Key Points:

  • ETH price is currently facing the same strong resistance around $140 from the fast couple of days.
  • ETH price fell after testing the resistance, however, the $130 support proved strong enough to stop further losses.
  • A bullish pattern line is formed with support around $133 on the hourly chart.
  • Ethereum might test and break the $140 resistance soon.

ETH Price Analysis:

ETH price is facing a lot of selling pressure around $140 range. Ethereum fell downwards after testing this resistance recently, however, buyers were able to stop major losses and the price is currently preparing for a bull rally.

This week, Ethereum tested the resistance around $140 many times but could not break through which led to a downward correction and ETH price broke the $134 and $132 resistance levels along with the 100 hourly SMA. After testing the $130 support, Ethereum price bounced back upwards and is currently trading well above $134 support land the 100 hourly SMA.

ETHUSD Price Chart
ETHUSD Price Chart

A bullish pattern is formed with support at around $133.  Ethereum remains well supported in between $132 and $134. However, it is important for Ethereum to break the $140 resistance in order to begin a new bull rally.

The chart shows that even though Ethereum is well supported at $134, breaking the $140 resistance won’t be an easy task for buyers as a lot of sellers are placed at this point. If this resistance is broken, Ethereum might jump up to $145 and $150 in the short term.

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