Ether’s price extended its downside correction against the US dollar and bitcoin. ETH/USD could decline further, but the $135.00 level is likely to act as a solid support.
Ether’s price failed to rebound above $142.00 and extended declines against the US dollar.
ETH/USD traded below a major bullish trend line with support at $138.50 on the 2-hour chart.
ETH/BTC tested the 0.0345BTC support and is currently consolidating losses.
Technically, the 2-hour chart indicators moved lower in bearish territory.
Ether Price Analysis (ETH)
After setting a new monthly high at $145.16, ETH/USD started a downside correction. The pair declined below the $140.00 and $138.50 support levels to enter a short-term bearish zone.
Similarly, ETH/BTC started a downside correction after it failed to stay above the 0.0352BTC support. The pair recently broke the 0.0348BTC support and tested the 0.0345BTC support, where buyers emerged.
Looking at the 2-hour chart of ETH/USD, the pair rallied after it broke the $135.00 resistance and traded to a new monthly high at $145.16. Later, it started a downside correction and declined below the $140.00 support plus the 23.6 percent Fibonacci retracement level of the upward move from the $128.76 low to $145.16 high.
Additionally, Ether traded below a major bullish trendline, with support at $138.50. Later, the price attempted a fresh bullish wave, but the broken trendline acted as a resistance near $140.00 and $142.00.
Finally, the price declined further toward the $137.00 support and the 50 percent Fibonacci retracement level of the upward move from the $128.76 low to $145.16 high. To the downside, there is a significant support near $135.00 (the previous resistance).
Moving down to the 30-minute chart of ETH/USD, the pair seems to be forming a decent support near $137.00. However, it is facing a lot of hurdles on the upside, starting with $139.00 and $140.00.
Overall, Ether seems to be facing an increase in selling pressure below $140.00. Therefore, there is a risk of an extended decline toward the $135.00 support before buyers take a stand.
Important Resistance Levels
$139.00 and $140.00
Important Support Levels
$137.00 and $135.00
The RSI broke the 50 level and tested the 35 level.
The MACD is gaining momentum in the bearish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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