THELOGICALINDIAN - Ethereum continued its abatement beneath the 140 abutment against the US Dollar while bitcoin dived beneath 8000 ETH beasts charge assure the 135 abutment to alpha a appropriate recovery
Ethereum Price Turns Red
Recently, Ethereum started a downside correction beneath the $142 abutment adjoin the US Dollar. However, it seems like there are bearish signs arising afterwards ETH bootless to break aloft the $140 support.
Similarly, bitcoin is accepting bearish momentum and now trading able-bodied beneath $8,000. Ripple price is additionally diving and it is now at a accident of a breach beneath the $0.2000 abutment area.
The contempo abatement in Ethereum took its amount appear the $135 abutment area. The amount additionally acclimatized beneath the $140 akin and the 100 alternate simple affective average. A low is formed abreast $135 and the amount is currently accumulation losses.
An antecedent attrition is abreast the $138 level. Besides, the 23.6% Fib retracement akin of the contempo accelerate from the $148 aerial to $135 low is additionally abreast $138.
More importantly, there is a new abutting bearish trend band basic with attrition abreast $138 on the alternate blueprint of ETH/USD. To alpha a appropriate recovery, Ethereum charge beat the trend line, $140, and the 100 alternate SMA.
The abutting attrition could be abreast the $142 level. It is abutting to the 50% Fib retracement akin of the contempo accelerate from the $148 aerial to $135 low. Therefore, a acknowledged abutting aloft the $142 akin ability alpha a new uptrend and the amount could abide college appear $148 and $150.
What If ETH Fails to Stay Above $135?
On the downside, the $135 breadth is a acute abutment for ETH. Therefore, a bearish breakdown beneath the $135 abutment could alpha a able declivity beneath $132 and $130 in the abreast term.
Looking at the chart, Ethereum amount is abutting the capital $135 support. It ability attack a appropriate accretion aloft $142 and $145. If not, it could dive added and revisit the $125 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is not assuming any absolute signs.
Hourly RSI – The RSI for ETH/USD is now beneath the 50 level, with a bearish angle.
Major Support Level – $135
Major Resistance Level – $142
