- ETH price is forming a decent support near the $134 level against the US Dollar.
- The price is currently moving higher and testing the key $136 resistance and the 100 hourly SMA.
- There is a major bearish trend line formed with resistance at $136 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a solid upward move once it settled above $136 and the 100 hourly SMA.
Ethereum price is currently approaching key hurdles against the US Dollar and bitcoin. ETH is likely to climb higher sharply once it breaks the $136 and $138 resistance levels.
Ethereum Price Analysis
Recently, there was a slow decrease in ETH price after it failed to clear the $138 resistance against the US Dollar. The ETH/USD pair formed a couple of lower highs and declined below the $136 support level. There was even a close below the $136 support and the 100 hourly simple moving average. The price traded close to the $134 support, where buyers emerged and protected further losses. Later, the price corrected higher above $135 and the 23.6% Fib retracement level of the recent decline from the $138 high to $134 low.
However, the previous support near the $136 level is now acting as a resistance. Besides, there is a major bearish trend line formed with resistance at $136 on the hourly chart of ETH/USD. The pair is also facing hurdles near the 100 hourly simple moving average, currently near $136. Finally, the 50% Fib retracement level of the recent decline from the $138 high to $134 low is also near $136. Therefore, the $136 level and the 100 hourly SMA are crucial hurdles.
To start a solid upward move, the price must break the $136 and $137 resistance levels. The next key resistance is at $138, above which the price is likely to move into a bullish zone. On the downside, the $134 support could play a major role. If there is a fresh decline and the price breaks $134, there might be a sharp sell-off.
Looking at the chart, ETH price is clearly trading near a significant resistance area at $136. Therefore, the price will either break the $136 resistance and climb higher or decline once again. A bearish break below the $134 support may perhaps push the price in a negative zone in the near term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone, with positive signs.
Hourly RSI – The RSI for ETH/USD recently moved above the 50 level and it could continue higher towards the 65 level.
Major Support Level – $134
Major Resistance Level – $136
