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

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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.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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