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.
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.