ETH Price Analysis:
ETH price is facing a lot of selling pressure around $140 range. Ethereum fell downwards after testing this resistance recently, however, buyers were able to stop major losses and the price is currently preparing for a bull rally.
This week, Ethereum tested the resistance around $140 many times but could not break through which led to a downward correction and ETH price broke the $134 and $132 resistance levels along with the 100 hourly SMA. After testing the $130 support, Ethereum price bounced back upwards and is currently trading well above $134 support land the 100 hourly SMA.
A bullish pattern is formed with support at around $133. Ethereum remains well supported in between $132 and $134. However, it is important for Ethereum to break the $140 resistance in order to begin a new bull rally.
The chart shows that even though Ethereum is well supported at $134, breaking the $140 resistance won’t be an easy task for buyers as a lot of sellers are placed at this point. If this resistance is broken, Ethereum might jump up to $145 and $150 in the short term.
ETH price was unable to keep up with the rising trend and started a downward correction after testing the major resistance. Ethereum is at risk of falling below the support level of $134, which could turn the overall momentum bearish.
ETH Price Analysis
ETH price was unable to break the major resistance around $140 where a lot of sellers were placed. The massive selling pressure pushed the price downwards towards $136 support level. The supports around $136 and $138 were broken and hence ETH price tested the $134 support which proved strong enough to prevent further losses.
The 100 hourly SMA near the $134 level also proved strong to act as significant support. If the current support at $134 is broken, the next support lies at $128 and hence, the overall momentum of Ethereum price will turn bearish. There are chances of further gains only if the buyers are able to break the strong resistance around $138 and $140.
The chart shows that Ethereum is currently facing a lot of selling pressure around $140 resistance level. If buyers are not able to break the current resistance, Ethereum might decline further below $130 and turn the momentum bearish.
ETH price is currently in a bullish zone against both bitcoin as well as USD. Ethereum will most probably break the critical resistance at $140 to record a new monthly high.
ETH Price Analysis
Ethereum price recently started climbing upwards with full force after it broke the $130 resistance level. ETH price moved into the bullish zone once it was able to close above $134 and the 100 hourly SMA after breaking the $134 resistance level. Critical resistance is formed around $140 which is needed to be broken in order for Ethereum to rise further. ETH price even tested the $140 support yesterday but the selling pressure was high which pushed the price downwards.
The support at $135 was able to stop the declining force and push the price upwards. Currently, ETH price is trading well above this support level and will most probably test the $140 resistance again. If Ethereum is able to break this resistance and close over the $140 range, it will soon test the next resistance at $145 and $150 to record a new monthly high. However, if ETH price moves downwards and breaks the current support, the next support lies at $130.
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