Ethereum Is Showing Early Signs of Fresh Decline But 100 SMA Holds Key

Ethereum is struggling to create upward momentum above the USD 142 and USD 144 resistances against the US dollar. The ETH price could drop sharply if it breaks the USD 135 support.

  • Ethereum faces a difficult task as the bulls fight against the dollar near $ 135.
  • The price currently holds the support of $ 135 and the simple moving average of 100 hours.
  • An important bullish trendline is forming on the hourly chart of ETH / USD (data feed about octopuses) with support near $ 135.
  • Bitcoin price is slowly picking up speed, but has to break through the resistance levels of $ 6,700 and $ 6,800.

Support for Ethereum Price Holding Key

Over the past three sessions, Ethereum has made several attempts to exceed USD 142 and USD 144 resistance levels against the US dollar. However, the ETH price could not continue above USD 144 and started a downward correction.

There was a pause below the $ 140 level plus the 23.6% fib retracement level of the upward move from the $ 120 swing low to the $ 144 high. The price was even below the $ 135 support, but the simple 100-hour moving average acted as strong support.

The 50% fib retracement level of the upward move from the $ 120 swing low to the $ 144 high also acts as decent support for the bulls. There is also a large bullish trend line with support of nearly $ 135 an hour diagram the ETH / USD.

Ethereum price

Ethereum price

Ethereum is clearly trading near key support at $ 135 and the 100-hour SMA. If the bulls do not defend the $ 135 support level and the 100-hour SMA, there is a risk of a sharp decline towards the $ 130 and $ 128 levels.

The main support below $ 130 is near the $ 120 level where the bulls are likely to take a stand in the near future.

Chances of a bullish break

On the upside, the main hurdles for Ethereum are near the $ 142 and $ 144 levels. If the bulls overcome the USD 144 resistance, the price is likely to rise above the USD 145 and USD 148 levels.

The next resistance is near the $ 150 level, above which the bulls are likely to test the $ 158 level in upcoming sessions. Further gains could push the price toward $ 165.

Technical indicators

Hourly MACD – – The MACD for ETH / USD is slowly gaining momentum in the declining zone.

Hourly RSI – – The RSI for ETH / USD is currently struggling to stay above the 50 level.

Main support level – $ 135

Major resistance level – $ 144

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