Technically, the 6-hour chart indicators are moving lower in bearish territory.
Ether Price Analysis (ETH)
In the past few sessions, ETH/USD struggled to break key resistances near $134.00 and $135.00. The pair declined steadily and is now approaching a couple of important supports, below which it could turn bearish in the near term.
ETH/BTC declined steadily and broke the 0.0342BTC support level. The pair is currently consolidating near the 0.0340BTC support, below which there is a risk of a sharp drop to 0.0335BTC or 0.0332BTC.
Looking at the 2-hour chart of ETH/USD, the pair clearly failed to climb above the $135.00 resistance area. Ether declined steadily after it was rejected near $135.00, and it seems to be following a bearish path. On the downside, the $130.00 and $131.00 levels are important supports.
Should Ether break the $130.00 support area, there could be a solid increase in selling pressure in the near term. To the topside, there are two crucial bearish trendlines in place, with resistance near $132.50 on the same chart.
A successful close above the trendlines and $133.00 may push the price toward the key $135.00 resistance. It could even increase chances of a break above the $135.00 and $136.00 resistance levels.
Moving down to the 30-minute chart of ETH/USD, the pair recently tested the $131.00 support level. It seems to be struggling near a bearish trendline at $132.20. The next major hurdles for Ether buyers are near $133.00 and $133.50.
Overall, Ether’s price is facing many hurdles on the upside, such as $132.50, $133.00, and $135.00. If ETH buyers continue to struggle, there is a risk of a sharp bearish wave below $130.00 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.
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Technically, the 6-hour chart indicators are moving lower in bearish territory. Ether Price Analysis (ETH)
In the past few sessions, ETH/USD struggled to break key resistances near […]