Ethereum Price Diving: Can Bulls Save This Key Support?
Ethereum extended its decline below the $ 140 support versus the US Dollar, while bitcoin dived below $ 8,000. ETH bulls must protect the $ 135 support to start a decent recovery. Ether price failed to recover and declined further below $ 140 against the US Dollar. The price is currently approaching the main $ 135 support and pivot area. There is a new connecting bearish trend line forming with resistance near $ 138 on the hourly chart of ETH/USD (data feed via Kraken). The pair could decline heavily if it fails to stay above the $ 135 and $ 132 support levels. Ethereum Price Turns Red Recently, Ethereum started a downside correction below the $ 142 support against the US Dollar. However, it seems like there are bearish signs emerging after ETH failed to stay above the $ 140 support. Similarly, bitcoin is gaining bearish momentum and now trading well below $ 8,000. Ripple price is also diving and it is now at a risk of a break below the $ 0.2000 support area. The recent decline in Ethereum took its price towards the $ 135 support area. The price also settled below the $ 140 level and the 100 hourly simple moving average. A low is formed near $ 135 and the price is currently consolidating losses. An initial resistance is near the $ 138 level. Besides, the 23.6% Fib retracement level of the recent slide from the $ 148 high to $ 135 low is also near $ 138. More importantly, there is a new connecting bearish trend line forming with resistance near $ 138 on the hourly chart of ETH/USD. To start a decent recovery, Ethereum must surpass the trend line, $ 140, and the 100 hourly SMA. The next resistance could be near the $ 142 level. It is close to the 50% Fib retracement level of the recent slide from the $ 148 high to $ 135 low. Therefore, a successful close above the $ 142 level might start a new uptrend and the price could continue higher towards $ 148 and $ 150. What If ETH Fails to Stay Above $ 135? On the downside, the $ 135 area is a crucial support for ETH. Therefore, a bearish breakdown below the $ 135 support could start a strong downtrend below $ 132 and $ 130 in the near term. Ethereum Price Looking at the chart, Ethereum price is approaching the main $ 135 support. It might attempt a decent recovery above $ 142 and $ 145. If not, it could dive further and revisit the $ 125 zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is not showing any positive signs. Hourly RSI – The RSI for ETH/USD is now below the 50 level, with a bearish angle. Major Support Level – $ 135 Major Resistance Level – $ 142 The post appeared first on NewsBTC.
NewsBTC