Advertisment

Ethereum price rebounded above the $136.00 level, but struggled to clear $139.00-140.00. ETH/USD could decline again before it tries to climb above $140.00.

  • Ethereum price is facing important resistances near the $137.25 and $138.00 levels.
  • A crucial bearish trend line is in place with resistance at $136.50 on the 30-minute chart.
  • ETH price is likely to dip towards the $133.50 support before it could climb higher.

Read our Guide to Trading Bots to Trade ETH Automatically.

You want the latest news about Crypto?
Then follow us on Google News!


Ethereum Price Analysis

After a sharp decline towards the $130.00 support level, Ethereum price recovered above the $133.50 and $135.50 resistance levels. However, ETH/USD failed to stay above the $138.00 and $139.00 levels, resulting in a downside reaction.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair traded as low as $130.55 and later jumped towards the $139.00 level. The price traded as high as $139.01 and later started a downside correction. It declined below the $137.00 level and the 25 simple moving average (30-min).

Besides, there was a break below the 23.6% Fib retracement level of the latest wave from the $130.55 low to $139.01 high. It seems like the price is following a crucial bearish trend line with resistance at $136.50 on the same chart.

There could be another attempt to clear the $136.50 or $137.25 resistance in the short term. If buyers fail to gain momentum above $137.25, the price could decline again. An initial support is near $134.80 and the 50% Fib retracement level of the latest wave from the $130.55 low to $139.01 high.

However, the main support is near the $133.50 level, where buyers are likely to emerge. To the topside, a successful break above $137.25 and $139.00 is likely to open the doors for more gains towards the $142.00 and $144.00 levels.

The current price action suggests another dip in Ethereum price towards the $133.50 support before buyers could take a stand. Later, ETH is likely to rebound above $137.25 and $140.00. Conversely, if there is a downside break below the $133.50 support, the price might revisit the $130.50 swing low in the near term.

The market data is provided by TradingView, Bitfinex.

The post Ethereum (ETH) Price Prediction: One Last Dip Before Higher? appeared first on Blockonomi.