{"id":410402,"date":"2020-01-10T04:00:38","date_gmt":"2020-01-10T04:00:38","guid":{"rendered":"https:\/\/wncen.com\/?p=410402"},"modified":"2024-06-11T13:36:26","modified_gmt":"2024-06-11T13:36:26","slug":"ethereum-price-diving-can-bulls-save","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-price-diving-can-bulls-save\/","title":{"rendered":"Ethereum Price Diving: Can Bulls Save This Key Support?"},"content":{"rendered":"<p><em>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.<\/em><\/p>\n<ul>\n<li>Ether price failed to recover and declined further below $140 against the US Dollar.<\/li>\n<li>The price is currently approaching the main $135 support and pivot area.<\/li>\n<li>There is a new connecting bearish trend line forming with resistance near $138 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could decline heavily if it fails to stay above the $135 and $132 support levels.<\/li>\n<\/ul>\n<h2>Ethereum Price Turns Red<\/h2>\n<p>Recently, <a href=\"https:\/\/wncen.com\/2020\/01\/09\/ethereum-corrects-5-but-here-is-why-uptrend-is-still-intact\/\" target=\"_blank\" rel=\"noopener noreferrer \">Ethereum started a downside correction<\/a> 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.<\/p>\n<p>Similarly, <a href=\"https:\/\/wncen.com\/2020\/01\/09\/bitcoin-starts-corrective-decrease-but-bulls-not-out-of-woods-yet\/\" target=\"_blank\" rel=\"noopener noreferrer \">bitcoin is gaining bearish momentum<\/a> and now trading well below $8,000. <a href=\"https:\/\/wncen.com\/2020\/01\/09\/ripple-xrp-price-time-downside-thrust-before-fresh-increase\/\" target=\"_blank\" rel=\"noopener noreferrer \">Ripple price<\/a> is also diving and it is now at a risk of a break below the $0.2000 support area.<\/p>\n<p>The recent decline in Ethereum took its price towards the $135 support area. The price also settled below the $140 level and the 100 hourly simple moving average. A low is formed near $135 and the price is currently consolidating losses.<\/p>\n<p>An initial resistance is near the $138 level. Besides, the 23.6% Fib retracement level of the recent slide from the $148 high to $135 low is also near $138.<\/p>\n<p>More importantly, there is a new connecting bearish trend line forming with resistance near $138 on the hourly chart of ETH\/USD. To start a decent recovery, Ethereum must surpass the trend line, $140, and the 100 hourly SMA.<\/p>\n<p>The next resistance could be near the $142 level. It is close to the 50% Fib retracement level of the recent slide from the $148 high to $135 low. Therefore, a successful close above the $142 level might start a new uptrend and the price could continue higher towards $148 and $150.<\/p>\n<h2>What If ETH Fails to Stay Above $135?<\/h2>\n<p>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.<\/p>\n<figure id=\"attachment_410403\" aria-describedby=\"caption-attachment-410403\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-410403\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-8.png?resize=1828%2C868\" alt=\"Ethereum Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-8.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-8.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-8.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-8.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-8.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-8.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-8.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-410403\" class=\"wp-caption-text\">Ethereum Price<\/figcaption><\/figure>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, 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.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is not showing any positive signs.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now below the 50 level, with a bearish angle.<\/p>\n<p>Major Support Level \u2013 $135<\/p>\n<p>Major Resistance Level \u2013 $142<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. The recent decline in Ethereum took its price towards the $135 support area. The price also settled below the $140 level and the 100 hourly simple moving average. A low is formed near $135 and the price is currently consolidating losses. An initial resistance is near the $138 level. Besides, the 23.6% Fib retracement level of the recent slide from the $148 high to $135 low is also near $138. More importantly, there is a new connecting bearish trend line forming with resistance near $138 on the hourly chart of ETH\/USD. To start a decent recovery, Ethereum must surpass the trend line, $140, and the 100 hourly SMA. The next resistance could be near the $142 level. It is close to the 50% Fib retracement level of the recent slide from the $148 high to $135 low. Therefore, a successful close above the $142 level might start a new uptrend and the price could continue higher towards $148 and $150. 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 chart, 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. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is not showing any positive signs. Hourly RSI &#8211; The RSI for ETH\/USD is now below the 50 level, with a bearish angle. Major Support Level \u2013 $135 Major Resistance Level \u2013 $142<\/p>\n","protected":false},"author":67,"featured_media":410404,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8323,1946],"class_list":["post-410402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\n<title>Ethereum Price Diving: Can Bulls Save This Key Support?<\/title>\n<meta name=\"description\" content=\"Ethereum extended its decline below the $140 support versus the US Dollar, while bitcoin dived below $8,000. 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