Ethereum is trading in a tight range above the $110 support area against the US Dollar. ETH price must break the $132 and $144 resistance levels to start a fresh increase.
Ethereum is currently consolidating below the key $144 resistance area against the US Dollar.
The price remains well supported on the downside near the lower end of the range at $110.
There is a major bearish trend line forming with resistance near $140 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin price is also consolidating above the $4,800 and $5,000 support levels.
Ethereum Price Setting Up For Next Break
In the past two days, Ethereum mostly traded in a range above the $100 handle against the US Dollar. ETH price seems to be forming a major range between the $110 and $140 levels.
The key swing low was near the $90 level before the price recovered towards the $145 level. It failed to continue above the $145 level and remained well below the 100 hourly simple moving average.
Recently, there was a minor downward move below the $135 level. Ethereum price settled below the 23.6% Fib retracement level of the recovery wave from the $90 low to $145 high.
On the downside, the $120 and $118 levels are acting as decent supports. Besides, the 50% Fib retracement level of the recovery wave from the $90 low to $145 high is also providing support.
On the upside, there are a few key hurdles forming near the $132 and $140 levels. There is also a major bearish trend line forming with resistance near $140 on the hourly chart of ETH/USD. The trend line resistance and $142 are close to the 100 hourly simple moving average.
Ethereum Price
Therefore, the price must surpass the $142 resistance level and the 100 hourly simple moving average to start a strong increase in the near term. The next major resistance is seen near the $155 and $160 levels.
Chances of More Losses
If Ethereum fails to recover above the $132 and $140 resistance levels, there is a risk of more losses. An initial support is near the $118 level.
The first major support is near the $110 level, below which the price could accelerate lower. The next key support is near the $102 and $100 levels, where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently just below the 45 level, with a bearish angle.
Major Support Level – $118
Major Resistance Level – $140 origin »
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Key Points Bitcoin price spiked above the $6,800 resistance recently before correcting lower against the US Dollar. There is a short-term bearish trend line in place with resistance at $6,730 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Bitcoin Price Key Highlights Bitcoin price has formed higher lows and found resistance at the $6,785 level to create an ascending triangle. Price is testing the pattern’s resistance, which lines up with the broken long-term support visible on the 4-hour chart.
Key Highlights ADA price is trading below the $0. 1500 support and is currently in a bearish zone against the US Dollar (tethered). There is a key bearish trend line formed with resistance at $0.
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Bitcoin Price Key Highlights Bitcoin price has formed higher lows and found resistance at the $6,785 level to create an ascending triangle. Price is testing the pattern’s resistance, which lines up with the broken long-term support visible on the 4-hour chart.
Key Highlights ETH price traded higher recently and broke the $470 resistance zone against the US Dollar. There is a key connecting bullish trend line formed with support at $465 on the 4-hours chart of ETH/USD (data feed via Kraken).
Key Points Bitcoin price struggled to move above the $6,600 resistance area and declined against the US Dollar. Yesterday’s highlighted crucial bullish trend line was breached with support at $6,580 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Bitcoin (BTC) needs to overcome a key technical resistance to keep the short-term bull market going, the technical studies indicate. Further, a detailed look at the technical charts reveals the area around $6,754 is packed with moving average lines and Bollinger Band, all working in unison to put brakes on BTC price rally. Hence, a
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Key Highlights Ethereum classic price is placed in a bullish zone above the $16. 50 support against the US dollar. There is a connecting resistance trend line formed with current hurdle near $17.
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Key Highlights ADA price remains supported above the $0. 1350 pivot area against the US Dollar (tethered). There is a key contracting triangle forming with resistance near $0. 1450 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
Key Highlights Ripple price recovered from the $0. 4248 low, but it failed to settle above $0. 4750 against the US dollar. There is a short-term declining channel in place with resistance at $0. 4650 on the hourly chart of the XRP/USD pair (data source from Kraken).
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