- ETH price is holding the $133 and $134 support levels against the US Dollar.
- The price declined recently, but buyers protected losses below the $133 support level.
- There is a major bearish trend line formed with resistance at $136 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to make the next move either above $136 or below the $133 support in the near term.
Ethereum price is setting up for the next break against the US Dollar and bitcoin. ETH/USD buyers remain in action above $133 and they could attempt to push the price above $136 and $138.
Ethereum Price Analysis
After a sharp decline, ETH price bounced back from the $130 support level against the US Dollar. The ETH/USD pair recovered nicely and climbed back above the $134 level. It retested the $138 resistance levels, where sellers emerged. Later, the price started a downside correction and traded below the $136 level. There was a break below the 23.6% Fib retracement level of the recent wave from the $130 swing low to $138 high. Besides, there was a break below the $135 level and the 100 hourly simple moving average.
However, the $133-134 support area acted as a solid buy zone and prevented further losses. Moreover, the 50% Fib retracement level of the recent wave from the $130 swing low to $138 high acted as a support. At the moment, the price is trading higher and it recently surpassed the $135 level and the 100 hourly SMA. On the upside, there are many hurdles near the $136, $138 and $140 resistance levels. There is also a major bearish trend line formed with resistance at $136 on the hourly chart of ETH/USD.
If there is a successful break above the trend line and $136, the price could test the $138 or $140 resistance levels. Having said that, the price must clear the $140 barrier for more gains in the near term. On the other hand, if there is a bearish reaction, the price may slide towards the $131 level.
Looking at the chart, ETH price is trading in a range between $133 and $136. The next move could be either above the $136 resistance or below the $133 level. Having said that, buyers are likely to defend losses near the $134, $133 or $131 support level and buying dips might be considered as long as the price is above $129.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
Hourly RSI – The RSI for ETH/USD is rising higher and it is still placed above the 50 level.
Major Support Level – $133
Major Resistance Level – $138
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* First published on newsbtc.com