Technically, the 6-hour chart indicators are moving lower in bearish territory.
After yesterday’s rebound from the $128.76 low, ETH/USD faced a strong resistance near $135.00. The pair failed to hold gains and started a slow decline below the $134.00 level.
ETH/BTC followed a similar pattern after it was rejected near the 0.0345BTC resistance. The pair trimmed gains and traded below the 0.0342BTC support. The next key support is at 0.0340BTC, below which Ether could retest 0.0335BTC.
The 6-hour chart of ETH/USD suggests a strong barrier for buyers near the $140.00 resistance zone. After the last rejection near the $141.00 level, the pair started a slow and steady decline. There were a few intermediate swing highs before the price tested the $130.00 support level.
A low was formed recently at $128.76 before the price rebounded. However, there are many hurdles on the upside near the $135.00, $136.00, $138.00, and $140.00 levels. Ether’s price seems to be following a declining channel, with resistance on the same chart.
Therefore, a clear break above the channel resistance and then $140.00 is a must for a strong upward move toward the $145.00 and $150.00 levels. The 2-hour chart of ETH/USD also suggests a cluster of resistances on the upside near the $134.00, $135.00, and $138.00 levels.
To the downside, the $130.00 support could play a crucial role, below which there is a risk of a drop to $125.00 or $122.00. The overall price formation is slightly negative unless Ether buyers succeed in surpassing the $135.00 and $137.00 resistance levels in the coming sessions.
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.
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.
Technically, the 6-hour chart indicators are moving lower in bearish territory. Ether Price Analysis (ETH)
After yesterday’s rebound from the $128.76 low, ETH/USD faced a strong resistance […]
Satoshi Nakamoto was the man behind Bitcoin. His personal identity has remained secret for over a decade. Some believe that… Read More
The news that regulatory approval has finally been granted to Bakkt has generally been perceived as bullish for the industry.… Read More
Kling doubts whether Bitcoin is ready to assume safe-haven responsibilities like its peers such as gold. Kling did note Bitcoin’s… Read More
The developers of Ethereum (ETH), the world’s largest platform for building decentralized applications (dApps), have finalized six different codebase modifications… Read More
A recent research report by a French cryptographer demonstrates that a blockchain voting framework utilized in Moscow’s municipal elections is… Read More
Authored by Brandon Smith via Alt-Market.com, You can bet that whenever you find people analyzing the root of a problem… Read More