Technical Indicators:
Support Levels: $140, $139
Resistance Levels: $142, $145, $150
Key Points:
- Ethereum price fell downwards to test the $139 support level yet again.
- The current momentum is positive, however, it is very essential for ETH to break through $142 and $144 resistance levels in order to avoid losses in the short term.
- A bearish pattern is being formed with resistance around $142 on the hourly chart which might lead to a downfall.
- Ethereum price is currently trading in a short range and a sudden move is foreseen shortly.
Ethereum Price Analysis:
Summary: Ethereum price is currently trading in a short range. ETH must clear the resistance between $142 and $144 in order to resume the bullish momentum or it might fall below $139 support level soon.
Ethereum recently fell beneath $140 support level, however, the support at $139 proved strong enough to stop further losses. The price was able to rise and close over $140 and 100 hourly SMA. Buyers were able to push the price back above $142, but could not cross over $143 resistance level.
A bearish pattern is being formed on the hourly chart with resistance around $142 which might lead to a fall in price. ETH has tested the $139 support level for a few times now and if the sellers push the price downwards from the current resistance, ETH might move below $139 support and turn bearish. However, the current momentum is positive and Ethereum price is moving upwards in order to test the $142 resistance level. It is very essential for ETH to break through the bearish pattern and resistance between $142 and $144 in order to maintain the bullish momentum in the short term.
If buyers are able to push the price above $145, ETH might soon test $150 resistance level. However, the current support lies around $140 (100 hourly SMA) and $139 below which Ethereum price will turn bearish.
The chart shows that Ethereum price is currently fighting to maintain the bullish momentum and strong resistance is formed between $142 and $144. If buyers are able to break through this range, ETH will start a fresh upward move, however, if the sellers are able to move the price below $139 support level, Ethereum might crash to $135 and $130 support range soon.
