Ethereum Price Analysis: Selling ETH Close To $135 A Good Deal

ETH price failed to climb above the $137 resistance and declined later against the US Dollar.

  • The price declined heavily and broke the $134 and $132 support levels.
  • Yesterday’s highlighted key bearish trend line is active with resistance at $135 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently correcting higher, but it is likely to face sellers near $134 and $135.

Ethereum price declined sharply below key supports against the US Dollar and bitcoin. ETH might correct higher, but it is likely to struggle near the $135 resistance area in the near term.

Ethereum Price Analysis

Yesterday, we discussed the importance of the $136-137 resistance and the 100 hourly simple moving average against the US Dollar. The ETH/USD pair made an attempt to climb above the $136 resistance, but it failed to gain momentum. As a result, there was a sharp bearish reaction below the $135 support level. The decline was such that the price even broke the $134 and $132 support levels. It traded to a new weekly low near $130 and later started an upside correction.

Buyers pushed the price above the $132 level and the 23.6% Fib retracement level of the recent decline from the $136 high to $130 low. However, there are many hurdles on the upside near the $134 and $135 levels. The first hurdle is near $134 and the 61.8% Fib retracement level of the recent decline from the $136 high to $130 low. The stated $134 level was a support earlier, and now it may act as a resistance. Besides, yesterday’s highlighted key bearish trend line is active with resistance at $135 on the hourly chart of ETH/USD.

Lastly, the 100 hourly SMA is also near the $135 level and the trend line. Therefore, if the price continues to rise it is likely to face sellers near the $134 or $135 resistance. On the downside, an initial support is at $132, below which the price may revisit the $130 swing low. Any further losses could lead the price towards the $125 support.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is facing a lot of hurdles near $134 and $135. Therefore, buying near the stated resistance and 100 SMA might not be a good idea. Clearly, sellers remain in action near $135 and there are chances of a fresh dip towards $132 or $130 in the coming sessions.

ETH Technical Indicators

  1. Hourly MACD – The MACD for ETH/USD moved into the bullish zone, with a positive bias.
  2. Hourly RSI – The RSI for ETH/USD recovered nicely above 40, but it is still well below the 50 level.
  3. Major Support Level – $130
  4. Major Resistance Level – $135

The views and opinions expressed in this article Ethereum Price Analysis: Selling ETH Close To $135 A Good Deal 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: Selling ETH Close To $135 A Good Deal, here’re the Top prominent words: $134 And $132 Support. $134 And $132 Support Levels. $135 On The Hourly Chart. Active With Resistance At $135. Analysis Selling ETH Close. Broke The $134 And $132. ETH Close To $135. Ethereum Price Analysis. Ethereum Price Analysis Selling. Ethereum Price Analysis Selling ETH. Highlighted Key Bearish Trend. Highlighted Key Bearish Trend Line. Hourly Chart Of ETH/USD. Key Bearish Trend Line. Price Analysis Selling ETH. Price Analysis Selling ETH Close. Selling ETH Close To $135. Yesterday’S Highlighted Key Bearish. Yesterday’S Highlighted Key Bearish Trend.

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