Ethereum Price Analysis: ETH Turned Vulnerable Below $140
ETH price failed to climb above the $140-141 resistance area and declined against the US Dollar.
- The price even broke the $137 support level and traded to a new weekly low near $135.
- This is a major bearish trend line formed with resistance at $140 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may extend the current downside correction if it fails to surpass the $140 resistance area.
Ethereum price is slowly moving into a bearish zone against the US Dollar and bitcoin. ETH is now at a risk of a bearish reaction if it fails to climb above the $140 hurdle.
Ethereum Price Analysis
Yesterday, we saw the start of a downside correction in ETH price from the $144 swing high against the US Dollar. The ETH/USD pair declined below the $140 support level and traded close to the $137 level. Later, there was an upside correction, but the price failed to clear the $140-141 resistance area. The price also failed to climb above the 61.8% Fib retracement level of the last slide from the $144 swing high to $137 swing low. As a result, there was a fresh drop and the price even broke the $137 support level.
A new weekly low was formed near the $135 level and the price is currently correcting higher. It moved above the $137 level and the 100 hourly simple moving average. There was a break above the 50% Fib retracement level of the recent decline from the $141 high to $135 swing low. However, there is a strong resistance formed near the $140 and $141 levels. There is also a major bearish trend line formed with resistance at $140 on the hourly chart of ETH/USD.
An immediate resistance is just below $140 and near the 61.8% Fib retracement level of the recent decline from the $141 high to $135 swing low. To resume the last bullish wave, the price must break the $140 resistance and the trend line. If buyers fail to push the price higher, there are chances of a fresh drop below the $135 swing low.
Looking at the chart, ETH price is currently correcting the last week’s gains from the $128 swing low. It is approaching a couple of important supports such as $135 and $136. Having said that, if it fails to climb above the $140-141 resistance area, there is a risk of a downside correction below $135.
ETH Technical Indicators
- Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
- Hourly RSI – The RSI for ETH/USD spiked above the 50 level and it is currently moving higher towards 60.
- Major Support Level – $135
- Major Resistance Level – $140
- Source: First Appeared Here
- Published Time: 2019-03-19 04:08:00
The views and opinions expressed in this article Ethereum Price Analysis: ETH Turned Vulnerable Below $140 do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research. In rounding off this piece Ethereum Price Analysis: ETH Turned Vulnerable Below $140, here’re the Top prominent words: $140 On The Hourly Chart. $140-141 Resistance Area. $141 High To $135 Swing. 61.8% Fib Retracement Level. Bearish Trend Line Formed. Broke The $137 Support. Broke The $137 Support Level. Climb Above The $140-141 Resistance. Ethereum Price Analysis. Ethereum Price Analysis ETH. Fib Retracement Level. Formed With Resistance At $140. Hourly Chart Of ETH/USD. Level Of The Recent Decline. Line Formed With Resistance. Major Bearish Trend Line. Major Bearish Trend Line Formed. Recent Decline From The $141. Support Level And Traded. Trend Line Formed With Resistance.
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