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ETH to USD: Ethereum Price Analysis, Bulls returning back

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Technical Indicators:

Support Level: $134

Resistance Levels: $138, $140

 

Key Points:

  • Ethereum price broke below $132 support to move into a bearish zone.
  • However, ETH was able to recover upwards later.
  • The upward move was able to break through the bearish pattern line which was being formed with resistance around $135 on the hourly chart.
  • Ethereum price is currently in a bullish momentum with support at $134.

 

Ethereum Price Analysis:

Summary: Ethereum price was able to recover sharply after falling downwards. ETH easily climbed above $135 resistance level and is currently moving upwards to test $138 and $140 levels.

Ethereum price declined sharply breaking below the $134 support. ETH even fell below $132 support level and the 100 hourly SMA. After falling up to $131, Ethereum started an upward correction. ETH was facing hurdles around $134 while trying to correct upwards, however, the buying pressure gradually increased in order to move the price above $135 resistance level.

The upward momentum was able to breach the bearish pattern line which was formed with resistance around $135 on the hourly chart. ETH was able to close above the 100 hourly SMA and $136 level and tested the resistance around $138. However, after reaching up to $137, it started to correct downwards. The major support for Ethereum price is $134. As long as ETH price remains above this support, there are chances of bullish momentum.

ETHUSD Price Chart 27 March
ETH/USD Price Chart 27 March

The chart shows that Ethereum price was able to correct sharply after falling up to $131. There are currently two major resistance levels which need to be broken in order for ETH to turn bullish. These levels are $138 and $140. Therefore, If ETH moves above this range, it could move towards the $145 level. However, if Ethereum price breaks below $134 level, the price might crash hard below $130.

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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