- Ethereum price is sliding heavily and recently tumbled below $140 against the US Dollar.
- ETH price is showing a lot of bearish signs below $138 and $135.
- There is a crucial bearish trend line forming with resistance near $138 on the 4-hours chart (data feed from Coinbase).
- The price remains at a risk of further losses below the $130 support level in the near term.
Ethereum price is down and out below $135 against the US Dollar. ETH/USD is likely to continue lower as long as it is below the $138-$140 resistance area.
Ethereum Price Analysis
After a failed attempt to surpass the $146 resistance, Ethereum price started a fresh decline against the US Dollar. ETH declined heavily below $140, $138, and the 55 simple moving average (4-hours).
The bears gained pace below the $135 support. As a result, there was a spike below the $130 support area. A new monthly low was formed near the $129 level. It is currently consolidating losses above the $129 and $130 levels.
Besides, it is testing the 23.6% Fib retracement level of the recent drop from the $144 swing high to $129 low. If there is a recovery above the $133 level, the price could test the $135-$136 resistance area.
More importantly, there is a crucial bearish trend line forming with resistance near $138 on the 4-hours chart. The main hurdle is now near the $140 zone, which acted as a support this past week.
Additionally, the 50% Fib retracement level of the recent drop from the $144 swing high to $129 low is near the $138 level. Therefore, the price must recover above many hurdles near $136, $138 and $140 to start an upward move.
On the other hand, the price is likely to struggle near $136 or $138. In this case, the bears are likely to aim a fresh decline below the $130 support area.
A clear break below the $130 zone could set the pace for a sharp decline. The next support is seen near the $124 area, where the bulls are likely to emerge.
Looking at the chart, Ethereum price is trading in a nasty downtrend below the $138 and $136 levels. Hence, there remains a risk of further losses below the $130 support level in the near term.
4 hours MACD – The MACD for ETH/USD is moving heavily in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now in the oversold region near the 20 level.
Key Support Levels – $130, followed by the $124 zone.
Key Resistance Levels – $138 and $140.