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Ethereum Price Analysis: ETH at crucial point: Rise or Crash?

Ethereum price is currently in a bearish momentum and it is very important for ETH to break the $134 resistance in order to avoid a crash and move upwards.

Technical Indicators:

Support Level: $130

Resistance Level: $132-$134

 

Key Points:

  • Ethereum price is currently facing a lot of selling pressure around $134 resistance level.
  • The current support lies at $130 which might help to break the current resistance.
  • A bearish pattern line is formed at resistance between $132 and $133 on the hourly chart.
  • This is a crucial stage for Ethereum price as ethereum will either crash or start a bull rally soon.

 

Ethereum Price Analysis:

Summary: Ethereum price is currently in a bearish momentum and it is very important for ETH to break the $134 resistance in order to avoid a crash and move upwards.

After testing the $134 resistance a lot of times, the Ethereum price started to fall downwards after breaking through the $132 support level. It even moved beneath the 100 hourly SMA breaking the 50% FIB retracement level. The $130 support proved strong as a lot of buyers were placed at this point.

The 100 hourly SMA lies at $132 which is where ETH price is currently being capped. A bearish pattern line is also formed at resistance around $132 on the hourly chart. The current trading area is quite essential as there is a chance of a sudden crash or a bullish move in the short term.

ETHUSD Price Chart
ETHUSD Price Chart

Ethereum price could either break the current resistance between $132 and $134 or crash below $130 support level. If Ethereum price is able to break above $134, there will be a sharp bullish momentum which could lead to ethereum moving to $138 and $140 resistance levels. However, if Ethereum breaks below $130 support level, it might crash towards $125 in the short term.

The chart shows that ETH price is currently facing a very solid resistance between $132 (the 100 hourly SMA) and $134. It is very essential for the buying pressure to increase in order for the price to break through this resistance and move upwards.

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Written by 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.

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