Technical Indicators:
Support Level: $137
Resistance Level: $140
Key Points:
- Ethereum price started a downward correction after testing the resistance around $140.
- Ethereum price fell up to $137 support.
- A bullish pattern line is formed on the hourly chart.
- ETH price is currently in a bullish momentum trying to break through the strong resistance.
Ethereum Price Analysis:
Summary: Ethereum price is currently making itself stronger above $135 and $137 support levels. ETH must break the resistance around $140 in order to move upwards.
This week, Ethereum price was able to rise sharply over the $136 resistance level. ETH even broke through the $137 resistance and 100 hourly SMA. Ethereum tested the $140 major resistance level where a lot of sellers were placed. ETH could not break through and settle above this range, therefore, started to correct downwards falling below the support which was formed around $138. However, the $137 support level proved strong enough to stop further losses.
Currently, ETH price is struggling hard in order to maintain the $137 support. In case this support is broken, Ethereum price will test $136 support and 10o hourly SMA below which the momentum will turn bearish. There is also a bullish pattern being formed with support around $135 which might push the price upwards. The current major resistance lies around $139 and $140 which must be broken in order to rise further towards $145 resistance level.
The chart shows that Ethereum price is currently in a bullish momentum over $137 support level. ETH might break below this support towards $136 and $135 range before starting to rise again. Ethereum must break through the $140 resistance level to rise further.
