Support Level – $130
Resistance Level – $140
- ETH price started a decent recovery and moved over the $130 and $132 support levels against the US Dollar.
- Ethereum price is facing selling pressure around $138 and $140 and the 100 hourly SMA.
- ETH price is probably going to move either over the $138 and $140 resistance levels or towards the $130 support.
ETH price is getting stronger before starting a bullish momentum. Ethereum could increase bullish energy once it clears the $137 and $140 resistance levels.
ETH Price Analysis
Yesterday, ETH price declined vigorously but discovered good support around $126, and later corrected upwards. It settled over the $130 and $132 support levels. The upward move was solid as the price even crossed over the $135 level. However, Ethereum found selling pressure around $138-140 resistance zone. Therefore, Ethereum could not close over the $138 level and the 100 hourly SMA.
ETH price went close to $140 before starting to correct downwards. The decline was stopped by the $131-132 support level. There is a breakout pattern shaped with resistance around $136 on the hourly chart of ETH/USD.
If there is an upside break over the $136 and $137 resistance levels, the price could move above the $140 zone. Having said that, a legitimate close over the $140 and 100 SMA is required for buyers to gain momentum. The next resistance could be $144, where selling pressure may rise. However, if there is a drawback beneath $133, the price could test the $130 support.
Taking a look at the chart, ETH price is trading in a range over $130. It might keep on trading within this range before it either moves over the $137 resistance or towards the $130 support. The current momentum looks bullish, yet a break over $140 is must for more gains.