Ethereum price is facing a strong resistance near the $135 and $140 level. Nevertheless, ETHUSD is trading above $125, below which the bears could gain momentum.
Ethereum Price Medium-Term Analysis
Yesterday December 23, the price of Ethereum (ETH) was trading in a bullish trend. The bulls were able to push the price above the $130 and $132 levels. However, a swing high was formed near $135 and the price started a downside correction.
The price declined from $132 to $128 on Monday and has fallen further to $127 at the time of writing. Moreover, there is a major bearish trend line forming with resistance near $134 on the 4-hours chart.
On the downside, if the selling pressure continues, the $125 will act as a support level. A break below this level will pull Ethereum price down towards the $120 level. Conversely, the price of ETH must climb above the $134 and $135 resistance levels to resume an uptrend. The next major resistance is near the $140 level, above which it could rise towards the $145 area.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
ETHUSD Price Short-Term Analysis
On the 1-hour chart, the price of Ethereum is trading above the $125 support, but also facing many hurdles near $135. Therefore, it could either rally above $135 or extend its decline towards $116 in the short term.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $130, $135, $140
- Support Levels: $125, $120, $116
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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