Technical Indicators:
Support Level: $132
Resistance Levels: $134,$135
Key Points:
- The support around $130 is still proving strong for Ethereum price.
- Ethereum price managed to defend itself from the bearish pattern line that was formed with resistance at $132.
- Ethereum price is currently facing strong resistance around $134.
Ethereum Price Analysis:
Summary: Ethereum price is currently well settled above $130 support level. There are chances of ETH to spike upwards after breaking the current resistance at $134.
Ethereum price was struggling around $130 range yesterday and even went below this support, however, later the price started to correct upwards and moved above $132 resistance. ETH was also able to close above the 100 hourly SMA at $132.
Moving over $132, ETH was also able to defend itself against the bearish pattern line that was formed on the hourly chart with resistance at $132. However, the resistance around $134 is preventing the price from further rising.
Ethereum must break the $134 resistance level in order to move upwards. Nonetheless, the next resistance also lies close to $135. If both these resistances are broken by the upward move, ETH might move directly towards $140 range. However, if the current support at $132 is broken, Ethereum might move towards $130 and $129 range.
The chart shows that although Ethereum fell downwards yesterday, it settled well over $132. If Ethereum is able to maintain its position above this range, it might move towards the $140 resistance level after breaking the current resistance levels.
