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ETH to USD: Ethereum Price Analysis, ETH Struggling Hard

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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.

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.

ETHUSD Price Chart 29 March
ETH/USD Price Chart 29 March

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.

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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