Technically, the 12-hour chart indicators are slowly moving higher toward midlines in bearish territory.
This past week, there were a few bearish moves in ETH/USD after it failed to settle above the $140.00 resistance. There was a sharp decline below the $135.00 support, but the pair recovered nicely after trading as low as $132.80.
ETH/BTC also declined in the past few days below the 0.0350 BTC and 0.0345 BTC support levels. The pair tested the 0.0340 BTC support level and is currently consolidating near the 0.0342 BTC level.
Let’s look at the 12-hour chart of ETH/USD to understand the recent decline and the importance of the $135.00 support area. The pair spiked above the $140.00 resistance level, but it failed to hold gains. It settled below $140.00 and slowly declined below the $138.00 level.
It seems like Ether was rejected near the 50 percent Fibonacci retracement level of the drop from the $167.41 high to $123.33 low. Sellers pushed the price below the $135.00 support recently, but ETH bounced back sharply after trading as low as $132.80.
There is a significant bullish trendline formed, with current support near $135.50 on the same chart. Should Ether settle below the trendline, it could test the next key support at $130.00.
To the topside, the main resistance is near the $140.00 level. A daily close above the $139.00 and $140.00 resistance levels is likely to open the doors for more upsides in the coming sessions. Moving down to the 2-hour chart, ETH/USD is facing a strong resistance near $137.50 and a bearish trendline.
If Ether’s price continues to struggle near the $137.50, $139.00, and $140.00 resistance levels, there could be a strong bearish reaction. Conversely, there are high chances of an upside break above $140.00 as long as the price is above $135.00.
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 12-hour chart indicators are slowly moving higher toward midlines in bearish territory. Ether Price Weekly Analysis (ETH)
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