Ethereum Is Showing Early Signs of Fresh Decline But 100 SMA Holds Key

Ethereum is struggling to gain bullish momentum above the $ 142 and $ 144 resistances against the US Dollar. ETH price could start a major decline if it breaks the $ 135 support.

  • Ethereum is facing an uphill task as the bulls struggle near $ 135 against the US Dollar.
  • The price is currently holding the $ 135 support and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $ 135 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is slowly gaining pace, but it must break the $ 6,700 and $ 6,800 resistance levels.

Ethereum Price Holding Key Support

In the past three sessions, Ethereum made a couple of attempts to surpass the $ 142 and $ 144 resistance levels against the US Dollar. However, ETH price failed to continue above $ 144 and started a downside correction.

There was a break below the $ 140 level, plus the 23.6% Fib retracement level of the upward move from the $ 120 swing low to $ 144 high. The price even spiked below the $ 135 support, but the 100 hourly simple moving average acted as a strong support.

The 50% Fib retracement level of the upward move from the $ 120 swing low to $ 144 high is also acting as a decent support for the bulls. Besides, there is a major bullish trend line forming with support near $ 135 on the hourly chart of ETH/USD.

Ethereum Price

Ethereum Price

Ethereum is clearly trading near a key support at $ 135 and the 100 hourly SMA. If the bulls fail to defend the $ 135 support level and the 100 hourly SMA, there is a risk of a sharp decline towards the $ 130 and $ 128 levels.

The main support below $ 130 is near the $ 120 level, where the bulls are likely to take a stand in the near term.

Chances of a Bullish Break

On the upside, the main hurdles for Ethereum are near the $ 142 and $ 144 levels. If the bulls succeed in clearing the $ 144 resistance, the price is likely to surge above the $ 145 and $ 148 levels.

The next resistance is near the $ 150 level, above which the bulls are likely to aim a test of the $ 158 level in the coming sessions. Any further gains could lead the price towards $ 165.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently struggling to stay above the 50 level.

Major Support Level – $ 135

Major Resistance Level – $ 144

Let’s block ads! (Why?)

Analysis – NewsBTC

Leave a Reply

Your email address will not be published. Required fields are marked *