Ether’s price is slowly climbing higher against the US dollar, whereas it is consolidating versus bitcoin. ETH/USD is likely to gain bullish momentum above $139.00 and $140.00.
Ether’s price dipped to a new weekly low and bounced back above $138.00 against the US dollar.
ETH/USD is about to break a major bearish trendline at $139.00 on the 2-hour chart.
ETH/BTC is struggling to gain bullish momentum due to bitcoin’s rise above $4,000.00.
Technically, the 2-hour chart indicators are moving higher toward midlines in the bearish territory.
Ether Price Analysis (ETH)
After a few spikes above the $139.00 level, ETH/USD started a downward move. The pair declined below the $137.00 support and traded to a new weekly low before it bounced back above $138.00.
ETH/BTC is currently consolidating near the 0.0345 BTC support level. Bitcoin’s price recently climbed above the $4,000.00 barrier, capping an upward move above the 0.0350 BTC level.
Looking at the 2-hour chart of ETH/USD, the pair settled below the $140.00 pivot and later started consolidating in a range above the $137.00 support. Ether made a few attempts to surpass the $139.00-$140.00 resistance area, but buyers failed to gain strength.
Recently, there was a sharp dip below the $137.00 support, and the price traded to a new weekly low at $136.42. However, downsides were limited, and the price bounced back above $137.00 and $138.00. At the outset, it seems like Ether’s price is about to break a major bearish trendline at $139.00 on the same chart.
A successful close above the trendline and follow-through above the $140.00 resistance could boost the market sentiment in the near term. The next key resistance is at $142.00, above which the price may revisit the $145.00 resistance.
Moving down to the 30-minute chart of ETH/USD, the pair climbed sharply after trading as low as $136.42. It is currently trading near a crucial bearish trendline, with resistance near $139.00.
Clearly, the $139.00 resistance holds the key, and if Ether buyers gain momentum, there are chances of a decent run toward the $142.00 and $145.00 levels. Conversely, a failure to clear the $139.00 or $140.00 resistance might result in another dip toward $137.00 or even $135.00.
The MACD is about to move into the bullish zone.
The RSI climbed higher and is currently near 45.
Important Support Levels
$137.00 and $135.00
Important Resistance Levels
$139.00 and $140.00
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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