- ETH price continues to face a strong resistance near the $138 and $140 levels against the US Dollar.
- The price failed to gain strength above the $139 level and remained below the $140 pivot.
- Yesterday’s key bearish trend line is intact with resistance near $138 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at a risk of a sharp decline towards the $133 support before it could bounce back.
Ethereum price is trading below important resistances against the US Dollar and bitcoin. ETH must break the $138 and $140 resistance to avoid a sharp downside reaction in the near term.
Ethereum Price Analysis
Recently, we saw a downside correction in ETH price below the $140 and $138 supports against the US Dollar. The ETH/USD pair tested the $135 support level and later started consolidating in a range. It recovered a few points above the $136 level and the 100 hourly simple moving average. There was also a break above the 23.6% Fib retracement level of the last drop from the $141 high to $135 low. However, the price faced a strong resistance near the $138 and $139 levels.Sellers defended the 50% Fib retracement level of the last drop from the $141 high to $135 low. More importantly, yesterday’s key bearish trend line is intact with resistance near $138 on the hourly chart of ETH/USD. Therefore, there is a strong resistance formed near $138. A proper close above the trend line could push the price towards the $141 resistance area. Once there is a follow through above the $141 swing high, the price may continue to rise towards the $144 and $145 levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently flat in the bearish zone.
Hourly RSI – The RSI for ETH/USD recently dipped below the 50 level with a bearish angle and tested the 40 level.
Major Support Level – $135