Ether’s price is slowly moving lower, with a bearish bias against the US dollar and bitcoin. ETH/USD could accelerate losses if there is a break below the $135.00 support.
Ether’s price is trading below the key $138.00 and $140.00 resistances against the US dollar.
A crucial bearish trendline is formed with resistance near $136.50 on the 2-hour chart of ETH/USD.
ETH/BTC corrected lower and tested the 0.0340 BTC support level.
Technically, the 2-hour chart indicators are moving lower in bearish territory.
Ether Price Analysis (ETH)
After trading as high as $138.26, there was a slow and steady decline in ETH/USD. The pair is currently trading with a bearish angle toward the $135.00 and $132.80 support levels.
ETH/BTC also faced an increase in selling pressure after it failed to stay above the 0.0342 BTC support. The pair declined, testing the 0.0340 BTC support level, and is currently trading in a tight range.
Starting with the 2-hour chart of ETH/USD, the pair found support near $132.80 after a sharp decline from the $140.00 resistance. The pair rebounded above $135.00 and the 50 percent Fibonacci retracement level of the decline from the $139.98 high to $132.80 low.
However, the $138.00 area acted as a strong resistance along with the 76.4 percent Fibonacci retracement level of the decline from the $139.98 high to $132.80 low. A swing high was formed near $138.25. Later, the price declined steadily.
It recently broke the $136.00 support level and seems to be struggling near the $135.00 support. Should Ether trade below the $135.00 support, the price could revisit the $132.80 low in the near term.
On the upside, there is a crucial bearish trendline formed, with resistance near $136.50 on the same chart. A successful close above the trend line and $137.00 could clear the path for a decent rebound toward $138.00 and $140.00.
Moving down to the 30-minute chart of ETH/USD, there are clearly many hurdles for buyers near $136.00 and $136.50. Therefore, there is a risk of a downside break below $135.00 and $134.00 unless Ether climbs above the $136.50 and $137.00 resistances.
Important Resistance Levels
$136.50 and $138.00
Important Support Levels
$135.00 and $132.80
The RSI is moving lower toward the 25 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.
ETHNews is commited to its Editorial Policy
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Chart and Ethereum Analysis News.
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.