ETH Price Analysis: Is Ethereum going to break through the resistance?

Technical Indicators:

Support Level: $133

Resistance Levels: $136, $138

 

Key Points:

  • ETH price is currently well situated above the $133 support level.
  • Ethereum corrected downwards recently, however, $133 support proved strong enough to stop further losses.
  • A bearish pattern is being formed with resistance around $136 on the hourly chart.
  • ETH price will most likely break through the $138 resistance or fall below $133 support level very soon.
  • ETH Price is currently getting stronger in order to break the $136 resistance. If the buying pressure keeps on increasing, Ethereum might soon break through the current resistance and move to $145.

ETH Price Analysis:

Ethereum price corrected downwards recently, however it bounced back from $130 support. Ethereum moved above the $134 level however, could not break the resistance between $136 and $138 as the selling pressure was quite high at this point. This led to ETH price correcting downwards again. The price broke below the 100 hourly SMA and $135 support level.

ETHUSD Price Chart
ETHUSD Price Chart

The support around $133 was strong enough to avoid further losses. Currently, Ethereum is trading in a bullish momentum, well above $135 and the 100 hourly SMA. The current resistance lies around $136 and $138. A bearish pattern has emerged at this resistance on the hourly chart. If ETH price is able to break through this resistance, then the price will move above $140 in the short term. However, if the $133 support is broken, Ethereum might move below $130.

The chart shows that Ethereum is trading in s close range and the next big move shall be very close. ETH price will either move above the current resistance or below the current support.

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