Ethereum Price Could Start A Major Decline If It Breaks The $135 Support
In the past three sessions, Ethereum made a couple of attempts to surpass the $142 and $144 resistance levels against the US Dollar. However, ETH price failed to continue above $144 and started a downside correction.
There was a break below the $140 level, plus the 23.6% Fib retracement level of the upward move from the $120 swing low to $144 high. The price even spiked below the $135 support, but the 100 hourly simple moving average acted as a strong support.
The 50% Fib retracement level of the upward move from the $120 swing low to $144 high is also acting as a decent support for the bulls. Besides, there is a major bullish trend line forming with support near $135 on the hourly chart of ETH/USD.
Ethereum is clearly trading near a key support at $135 and the 100 hourly SMA. If the bulls fail to defend the $135 support level and the 100 hourly 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 term.
On the upside, the main hurdles for Ethereum are near the $142 and $144 levels. If the bulls succeed in clearing the $144 resistance, the price is likely to surge above the $145 and $148 levels.
The next resistance is near the $150 level, above which the bulls are likely to aim a test of the $158 level in the coming sessions. Any further gains could lead the price towards $165.
Hourly RSI – The RSI for ETH/USD is currently struggling to stay above the 50 level.
Major Support Level – $135
Major Resistance Level – $144
Ethereum Price Could Start A Major Decline If It Breaks The $135 Support – Source: https://www.newsbtc.com
Do You want to work from home during this Coronavirus outbreak and Make money on the cryptomarket with experienced trading team? KTS Trading Team is here to help You
Step 1: Sign up SnapEx account: https://www.snapex.com
Note: As sign up, You must use invitation code is: e5pvotStep 2: Join our Trading Signal Telegram channel for Market updates and Real-time exclusive Trading Signals free. After You are signed up SnapEx account at Step 1, Please fill this form to be added into Trading Signal channel:
Step 3: Start trading to make Your profits with us