The price of Ethereum extended losses below the $ 140.00 level and traded at $ 125.00. The ETH / USD is currently consolidating above $ 127.00 and is preparing for the next move.
- The price of Ethereum decreased further and approached the support zone of $ 125.00.
- The ETH / USD is trading below two downtrend lines with resistance at $ 140.00 and $ 144.00 on the 30-minute chart.
- The price must break the $ 144.00 and $ 145.00 levels to recover in the short term.
Price analysis of Ethereum
The last sessions were extremely bearish for Ethereum as the price stabilized below the $ 150.00 support. Subsequently, the sellers gained traction and pushed the price below support levels of $ 140.00 and $ 135.00.
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Looking at the 30-minute ETH / USD chart, the pair traded for $ 125.00 and settled below the 25-minute (30-minute) moving average. A new annual minimum was formed at $ 127.00 and thereafter the price recovered abruptly.
The price rose above the $ 140.00 and $ 145.00 levels, but the $ 150.00 level acted as a solid barrier and protected more earnings. An intraday high was formed at $ 150.55 and the price once again fell below $ 140.00 and $ 130.00.
A new low amounted to $ 126.28 and the price is currently consolidating losses. It has moved above the $ 135.00 level and the Fib retracement level 23.6% of the recent decline from $ 150.55 up to $ 126.28 down.
However, there are many obstacles for upwards buyers near the $ 140.00 level. More importantly, there are two bearish trend lines in place with resistance at $ 140.00 and $ 144.00 on the same chart.
An intermediate resistance is close to $ 141.00 and the Fib retracement level to 61.8% of the recent decline from $ 150.55 up to $ 126.28 below. Therefore, if the price corrects higher, many sellers could face close to $ 140.00, $ 141.00 and $ 144.00.
A successful closing above $ 144.00 is required for the price of Ethereum to recover well in the next sessions. On the flip side, if ETH can not overcome the $ 144.00 resistance, the price could fall below $ 127.00 and $ 126.00. The next major support is $ 122.00 followed by $ 115.00.
Market data is provided by TradingView, Bitfinex.