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Ethereum Price Analysis: ETH still bullish?

Ethereum price began a downward correction against the US Dollar as well as bitcoin. ETH must remain above $136 and the 100 hourly SMA to rise again.

Technical Indicators

Support Level – $135

Resistance Level – $145

  • Ethereum price began sliding downwards after it tested the $150 resistance level against the US Dollar.
  • There was a break underneath a bullish pattern line which was formed with support around $145 on the hourly chart of ETH/USD.
  • The massive selling pressure led to ETH price testing the $140 support.
  • A couple of essential supports are set up close to the $141, $140 and $136 levels.

Ethereum price began a downward correction against the US Dollar as well as bitcoin. ETH must remain above $136 and the 100 hourly SMA to rise again.

 

Ethereum Price Analysis

In a previous couple of days, the Ethereum price moved higher and broke the $135 and $140 resistances against the US Dollar. The ETH/USD pair even tried moving towards the $150 resistance zone, where the selling pressure developed. A high was framed just underneath the $150 level and later the price began a drawback amendment. It declined underneath the $146 support. It opened the entryways for more gains and the price dropped towards the $140 support.

Additionally, there was a break underneath a bullish pattern line which was formed with support at $145 on the hourly chart of ETH/USD. There are numerous vital supports set up close to the $141, $140 and $136 levels. The major support is close to the $138 level. The 100 hourly SMA is situated close to the $136 level to go about as solid support.

In this manner, if the price keeps on declining, the $138 and $136 levels are probably going to avoid the price to fall further. In the event that there is a break and close underneath the 100 hourly SMA, the price may decrease further towards the $130 level. Then again, if the price discovers support close $138, it could begin a new upward move.

ETHUSD Price Chart
ETHUSD Price Chart

Taking a look at the chart, the Ethereum price started falling lower from the $150 resistance zone. ETH is currently supported as long as the price is over $136. On the upside, an underlying resistance is around $145, above which the price may retest $150 resistance level.

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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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