Ethereum price struggled to trade above the $145.00 resistance and declined recently. ETH/USD is currently moving lower and it could dip 5% towards the $136.00 support area.
- extended losses below the $142.00 and $140.00 support levels.
- ETH traded below a key bearish flag with support at $140.40 on the 30-minute chart.
- Bears are taking control and they could push the price towards the $136.00 support.
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Ethereum Price Analysis
There was an upward move from the $140.00 support price above the $142.00 level. However, ETH/USD struggled to break the $144.80-145.00 resistance area, resulting in a fresh decline below the $142.00 support.
Click to Enlarge Chart
Looking at the 30-minute of ETH/USD, the pair traded as high as $144.88 and later declined sharply. It broke the $142.00 support area and a connecting bullish trend line to move into a bearish zone.
The price even broke the $140.00 support and settled below the 25 simple moving average (30-min). A new weekly low was formed at $138.31 before the price corrected higher. It traded above the $140.00 level and the 50% Fib retracement level of the last slide from the $144.88 high to $138.31 low.
However, the $142.00 resistance area and the 61.8% Fib retracement level of the last slide from the $144.88 high to $138.31 low acted as a strong resistance.
Finally, there was a fresh decline below a key bearish flag with support at $140.40 on the same chart. It has opened the doors for more losses below the $140.00 support and the $138.31 swing low. In an ideal bearish scenario, the price is likely to decline 5% (similar to the last two patterns) and test the next key support at $136.00.
However, it won’t be easy for sellers to remain in action since there are many supports on the downside close to $138.00 and $136.00. On the upside, an initial resistance is near $141.00 and the 25 simple moving average (30-min).
The next key resistance is near $142.00, above which Ethereum price may revisit the $145.00 resistance area. Overall, the crypto market seems to be correcting lower and there could be more losses in , ETH, , XLM, , BCH, and others before buyers emerge.
The market data is provided by TradingView, Bitfinex.
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Published at Tue, 19 Mar 2019 07:09:07 +0000
