Support Level – $130
Resistance Level – $140
- ETH price fell around $126 and broke the bullish momentum against the US Dollar.
- ETH price later corrected upwards over the $130 resistance.
- There is a bearish pattern line formed with resistance at $137 on the hourly chart of ETH/USD.
- Ethereum is as confronting numerous major resistances around $138 and $140.
ETH price declined further and later corrected upwards against the US Dollar and bitcoin. Ethereum is confronting a major resistance around $140.
ETH Price Analysis
Yesterday, ETH price fell underneath $130 against the US Dollar forming a new weekly low at $126. Ethereum fell lower after it was unable to break the $138 and $140 resistance levels. Amid the decrease, there was a break beneath the 61.8% Fib retracement level from $131 to $141. The decrease was strong as the price broke the $131 and $130 support levels. The selling pressure was strong enough to drive the price to another weekly low at $126.
ETH price started to correct upwards later and It moved pleasantly over the $128 and $130 resistance levels. Ethereum price is confronting a strong resistance around $138 and $140. There is a bearish pattern line formed with resistance at $137 on the hourly chart of ETH/USD.
At last, the 100 hourly SMA is situated close to the $140 level to go about as a solid resistance. In this manner, it appears as though there are numerous resistances framed around $138 and $140. ETH price must break the $140 resistance level to move into a bullish zone. If it is unable to pick up pace above $137 and $138, there is a danger of a sharp decline in the short term.
Taking a look at the chart, ETH price recovered pleasantly after falling to $126. Ethereum is confronting a tough resistance around $138 and $140. If Ethereum is unable to break to the current resistance, it may result in more declines below $130.