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ETH to USD: Ethereum Price Analysis, Will Resistance lead to crash?

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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.

ETHUSD Price Chart 2 April
ETH/USD Price Chart 2 April

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.

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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