Ethereum (ETH) Could Dive If Bitcoin Continues To Struggle | NewsBTC

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  • Ethereum is down around 4% from the $138 high and tested the $130 support against the US Dollar.
  • The price is currently consolidating above the $130 support, with a few bearish signs.
  • There is a connecting bearish trend line forming with resistance near $132 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin failed to stay above $7,300 and it is now trading near the $7,240 support area.

Ethereum price is facing an increase in selling versus the US Dollar due to a steady decline in bitcoin. ETH price could dive below the $128 level, if bitcoin slides below $7,200.

Ethereum Price Analysis

After a strong upward move above $135, Ethereum price faced resistance near the $138 zone against the US Dollar. ETH price topped near the $138 level and recently corrected below $135.

Moreover, there was a break below the $132 support, plus the 61.8% Fib retracement level of the latest rally from the $127 low to $138 high. The price tested the $130 support and the 100 hourly simple moving average.

It seems like Ethereum is currently consolidating near $130 and the 100 hourly simple moving average. An initial resistance is near the $132 level. Besides, the 23.6% Fib retracement level of the recent decline from the $138 high to $130 low is also near $132.

More importantly, there is a connecting bearish trend line forming with resistance near $132 on the hourly chart of ETH/USD. Therefore, a clear break above the $132 resistance might start a strong increase towards the $135 and $138 resistance levels.

An intermediate resistance could be $134 or the 50% Fib retracement level of the recent decline from the $138 high to $130 low.

Conversely, Ethereum might struggle to gain momentum above the $132 and $133 levels. In the mentioned bearish case, the price could struggle to stay above $130 and the 100 hourly SMA.

If there is a close below $130 and the 100 hourly SMA, the bears are likely to gain traction and the price may perhaps slide towards the $125 support area.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is back to the main $130 support area. If bitcoin slides below the $7,200 support area, there is a risk of a sharp decline in ETH in the near term. If not, it might start a fresh increase towards $135 and $138 in the coming sessions.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving into the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently moving higher towards the 50 level.

Major Support Level – $130

Major Resistance Level – $132


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


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