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ETH Price Analysis: Is Ethereum going to fall hard? – Coinnounce

ETH Price Analysis: Is Ethereum going to fall hard?

Technical Indicators:

Support Level: $135

Resistance Levels: $138, $140

Key Points:

  • ETH price was able to recover back upwards after testing the $132 support.
  • ETH price even broke through the $134 and $136 resistance levels.
  • However, there is a bearish pattern formed with resistance around $138 on the hourly chart which might lead to a dropdown.

ETH Price Analysis:

Summary: ETH price is trying to recover, however, the resistance around $138 is quite strong and might lead to the price falling downwards. The next resistance lies at $140 after which Ethereum price will turn bullish.

Ethereum price crashed after testing the $140 resistance level recently. ETH tested the $132 support level before starting to recover upwards. The upward momentum was able to break the $134 and $136 resistance levels. However, there is a solid resistance formed between $138 and $140 which might push the price back downwards.

Ethereum price is currently trading around $137 and the 100 hourly SMA. There is a bearish pattern formed with resistance around $138 on the hourly chart. If Ethereum is able to break through the $138 resistance level, the next strong resistance lies at $140 after which the overall momentum will turn bullish. The current support lies at $135 after which the price might test $132 support again.

ETH/USD Price Chart

The chart shows that ETH price is trying to recover upwards towards $140 resistance level, however, breaking through this range will be very difficult as a lot of sellers are placed within this range which might lead to the price falling down towards $135 support.

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Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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