Ethereum extended its decline below the $140 support versus the US Dollar, while bitcoin dived below $8,000. ETH bulls must protect the $135 support to start a decent recovery.
- Ether price failed to recover and declined further below $140 against the US Dollar.
- The price is currently approaching the main $135 support and pivot area.
- There is a new connecting bearish trend line forming with resistance near $138 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could decline heavily if it fails to stay above the $135 and $132 support levels.
Ethereum Price Turns Red
Recently, Ethereum started a downside correction below the $142 support against the US Dollar. However, it seems like there are bearish signs emerging after ETH failed to stay above the $140 support.
Similarly, bitcoin is gaining bearish momentum and now trading well below $8,000. Ripple price is also diving and it is now at a risk of a break below the $0.2000 support area.
What If ETH Fails to Stay Above $135?
On the downside, the $135 area is a crucial support for ETH. Therefore, a bearish breakdown below the $135 support could start a strong downtrend below $132 and $130 in the near term. Looking at the , Ethereum price is approaching the main $135 support. It might attempt a decent recovery above $142 and $145. If not, it could dive further and revisit the $125 zone.Hourly MACD – The MACD for ETH/USD is not showing any positive signs.
Hourly RSI – The RSI for ETH/USD is now below the 50 level, with a bearish angle.
Major Support Level – $135 Major Resistance Level – $142