- ETH price is struggling to trade above the $133 and $134 resistance levels against the US Dollar.
- The price is holding the $130 support, it is likely to make the next move soon.
- This week’s crucial bearish trend line is intact with current resistance at $132 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could either break the trend line and rally or decline below the $130 support in the near term.
Ethereum price is following a bearish structure against the US Dollar and bitcoin. However, if ETH breaks $132 and $134, there could be a decent bullish wave towards the $138 level.
Ethereum Price Analysis
After struggling to break the $134 resistance, ETH price declined steadily against the US Dollar. The ETH/USD pair traded below the $132 support and settled well below the 100 hourly simple moving average. It even broke the 50% Fib retracement level of the last swing wave from the $127 low to $134 high. The price traded close to the $130 support level, where buyers emerged. There was a minor upside correction above the $131 level and the 23.6% Fib retracement level of the recent decline from the $134 high to $130 low.
However, the upside move remains capped by the $132 level and the 100 hourly simple moving average. More importantly, this week’s crucial bearish trend line is intact with current resistance at $132 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $134 high to $130 low. Clearly, the $132-133 resistance area is very crucial and it could be spark the next move.
The next move in ETH could be either above the $132 and $133 resistance levels or below the $130 support. If there is an upside break above $133 and the 100 hourly SMA, the price could climb sharply higher. The next key resistances area near the $135 and $136 levels, followed by $138. On the other hand, a break below the $130 support may push the price towards the $127 support level.
Looking at the chart, ETH price seems to be facing a strong resistance near the $132 level and the 100 hourly SMA. Besides, the $133 and $134 levels are also significant barriers. Therefore, buyers need to put up a strong fight if they have to push the price back in a positive zone.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving back in the bullish zone.
Hourly RSI – The RSI for ETH/USD managed to move above the 50 level, with a positive bias and angle.
Major Support Level – $130
Major Resistance Level – $133
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* First published on newsbtc.com