Technical Indicators:
Support Level: $132
Resistance Level: $143
- Ethereum price started a correction falling below $140.
- A bearish trend line is formed with a resistance close to $140.
- Ethereum price might break the resistance around $140 before rising above in short term.
The major support for Ethereum lies around $132 and Ethereum price may soon test this support before starting to gain traction again.
Ethereum Price Analysis:
Ethereum price recently showed a bullish momentum rising from around $114 up to $144 in a matter of two days. However, the resistance around $145 proved to be quite strong as this is the point from where Ethereum started a downfall on December 25. Ethereum is currently trading around $134.7 (at the time of writing) and may soon test the support around $133 before starting to rise again. If Ethereum price is not able to break the support then the price will likely rise to test the resistance around $145 again. After the $145 resistance, the major resistance lies around $200, so we might see Ethereum rising up massively if the current resistance is broken.
Looking at the 24 hour chart, Ethereum price must break the resistance around $145 in order to move above. The support between $130 and $132 is quite strong and might not let Ethereum price to move below this range. However if somehow the support is broken, Ethereum might fall back around $115. The short-term trend is however bullish and Ethereum might test the resistance around $145 again in order to move further above.
