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.
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.
