Ether’s price is slowly moving lower against the US dollar and bitcoin. ETH/USD could decline sharply if it continues to struggle near the $138.00 and $140.00 resistances.
Ether’s price continued to struggle near the $140.00 resistance against the US dollar.
ETH/USD could accelerate losses if it clears the $135.00 support and a bullish trendline on the 2-hour chart.
ETH/BTC extended losses below the 0.0345BTC support and may revisit 0.0342BTC.
Technically, the 12-hour chart indicators are currently flat just below midlines in bearish territory.
Ether Price Analysis (ETH)
In the past few sessions, ETH/USD made many attempts to clear the $140.00 resistance level, but buyers failed to gain bullish momentum. The pair is currently moving lower toward $135.00, below which there is a risk of a sharp decline.
ETH/BTC faced increased selling pressure and recently broke the 0.0350BTC and 0.0348BTC support levels. The pair even broke the 0.0345BTC support and could continue to move down toward 0.0342BTC or 0.0340BTC.
Starting with the 12-hour chart of ETH/USD, the pair clearly faced a strong resistance near the $140.00 level (the previous support area). Recently, there was a sharp bearish reaction, but the price bounced back above the $135.00 support.
On the downside, there is a crucial support formed near $135.00 and a connecting bullish trendline. Should Ether settle below the $135.00 support, there is a risk of a downside extension toward the $124.00 support area and the 61.8 percent Fibonacci retracement level of the upward move from $101.40 to $167.41.
To start a fresh bullish wave, a convincing break and close above $140.00 is a must in the coming sessions. Moving down to the 2-hour chart of ETH/USD, the pair is approaching a significant support at $135.00 and a bullish trendline.
Therefore, the $135.00 support could play an important role in the near term. A clear break and 2-hour close below $135.00 may push Ether into a bearish zone. The next stop for sellers could be $130.00 or $124.00. The current price action is slightly bearish, suggesting a continuous failure to break the $140.00 resistance is likely to put buyers on the back foot.
Weekly Resistance Levels
$138.00 and $140.00
Weekly Support Levels
$135.00 and $130.00
The RSI is currently flat near the 45 level.
The MACD is slowly gaining pace 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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