Technical Indicators:
Support Level: $130
Resistance Level: $134
Key Points:
- Ethereum price is trading beneath the major resistance around $134.
- Even after the SEC Chairman confirmed the Commission Staff Analysis about Ethereum not being security, Ethereum price has not experienced a bullish move.
- A bearish pattern line is formed with resistance at $134 on the hourly chart.
- It is very essential for ETH to break the $134 resistance and the bearish pattern line in order to move upwards.
Ethereum Price Analysis:
Summary: Ethereum price is below $134 resistance level. ETH was unable to turn bullish regardless of the confirmation by the SEC Chairman that Ethereum is not a security.
Ethereum price was able to recover after falling to $127 support level. The upward move was able to break the $129 resistance level. However, the resistance around $134 and the 100 hourly SMA was strong enough to stop the bullish momentum after which the price started to correct downwards.
Ethereum price fell below the $132 support level after which good support was formed around $130. ETH is currently facing a lot of selling pressure around $134 resistance level and the 100 hourly SMA. Also, a bearish pattern line is formed at resistance around $134 on the hourly chart.
ETH must break above this resistance and the 100 hourly SMA in order to move upwards. The next resistance lies around $139 and $140 after which the price might turn bullish. However, if the current support is broken, the next support lies around $127.
The chart shows that ETH is currently facing a solid resistance around $134. If the selling pressure around this range keeps on increasing, Ethereum price could soon fall below the current support to turn bearish. If the resistance is broken, Ethereum could soon test the $139 resistance level.
