Support Level: $130
Resistance Level: $132-$134
- Ethereum price is currently facing a lot of selling pressure around $134 resistance level.
- The current support lies at $130 which might help to break the current resistance.
- A bearish pattern line is formed at resistance between $132 and $133 on the hourly chart.
- This is a crucial stage for Ethereum price as ethereum will either crash or start a bull rally soon.
Ethereum Price Analysis:
Summary: Ethereum price is currently in a bearish momentum and it is very important for ETH to break the $134 resistance in order to avoid a crash and move upwards.
After testing the $134 resistance a lot of times, the Ethereum price started to fall downwards after breaking through the $132 support level. It even moved beneath the 100 hourly SMA breaking the 50% FIB retracement level. The $130 support proved strong as a lot of buyers were placed at this point.
The 100 hourly SMA lies at $132 which is where ETH price is currently being capped. A bearish pattern line is also formed at resistance around $132 on the hourly chart. The current trading area is quite essential as there is a chance of a sudden crash or a bullish move in the short term.
Ethereum price could either break the current resistance between $132 and $134 or crash below $130 support level. If Ethereum price is able to break above $134, there will be a sharp bullish momentum which could lead to ethereum moving to $138 and $140 resistance levels. However, if Ethereum breaks below $130 support level, it might crash towards $125 in the short term.
The chart shows that ETH price is currently facing a very solid resistance between $132 (the 100 hourly SMA) and $134. It is very essential for the buying pressure to increase in order for the price to break through this resistance and move upwards.