- Ethereum price declined further and traded close to the $125.00 support zone.
- ETH/USD is trading below two bearish trend lines with resistance at $140.00 and $144.00 on the 30-minute chart.
- The price must break the $144.00 and $145.00 levels to recover in the short term.
Ethereum Price Analysis
The past few sessions were extremely bearish for Ethereum as its price settled below the $150.00 support. Later, sellers gained traction and pushed the price below the $140.00 and $135.00 support levels.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair traded towards the $125.00 level and settled below the 25 simple moving average (30-min). A new yearly low was formed at $127.00 and later the price recovered sharply.
The price jumped above the $140.00 and $145.00 levels, but the $150.00 level acted as a solid barrier and protected more gains. An intraday high was formed at $150.55 and the price declined once again below $140.00 and $130.00.
A new low was formed at $126.28 and the price is currently consolidating losses. It moved above the $135.00 level and the 23.6% Fib retracement level of the recent drop from the $150.55 high to $126.28 low.
However, there are many hurdles for buyers on the upside near the $140.00 level. More importantly, there are two bearish trend lines in place with resistance at $140.00 and $144.00 on the same chart.
An intermediate resistance is near $141.00 and the 61.8% Fib retracement level of the recent drop from the $150.55 high to $126.28 low. Therefore, if the price corrects higher, it could face many sellers near $140.00, $141.00 and $144.00.
A successful close above $144.00 is needed for Ethereum price to recover nicely in the coming sessions. On the flip side, if ETH fails to surpass the $144.00 resistance, the price could decline below $127.00 and $126.00. The next main support is at $122.00 followed by $115.00.
The market data is provided by TradingView, Bitfinex.
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