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Ethereum (ETH) Price Prediction: Bearish Reversal and Sell Zones

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Ethereum price extended its decline and broke the $136.50 support area. ETH/USD traded as low as $132.70 and it is currently correcting higher towards key resistances.

  • Ethereum price is under a lot of pressure and declined recently below $136.50 and $135.50.
  • A new connecting bearish trend line is formed with resistance at $135.80 on the 30-minute chart.
  • ETH remains in a downtrend and it is likely to decline again as long as it is below $136.80.

Ethereum Price

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Ethereum Price Analysis

In yesterday’s analysis, we discussed the chances of more losses in Ethereum price below the $136.50 and $135.50 support levels. ETH price did move down and broke the $135.50 and $135.00 support level to enter a downtrend.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair failed to clear the $138.60-139.00 resistance area and later started a downward move. Sellers remained in control below $137.00 and the 25 simple moving average (30-min).

Recently, there was a sharp decline in bitcoin, ripple, bitcoin cash and other cryptocurrencies. ETH was also dragged lower, resulting in a break below the $136.60 and $135.50 support levels.

The price even traded below $134.00 and formed a new low at $132.70. Recently, there was an upside correction above the $134.50 level and the 23.6% Fib retracement level of the latest decline from the $138.76 high to $132.70 low.

However, there are many sell zones on the upside near the $136.00 and $137.00 levels. There is also a new connecting bearish trend line is formed with resistance at $135.80 on the same chart. Above the trend line, the next hurdle is near $136.50 and the 61.8% Fib retracement level of the latest decline from the $138.76 high to $132.70 low.

Overall, Ethereum price has entered a bearish zone and it may decline once again as long as sellers are active below $136.00 and $137.00. On the downside, an immediate support is at $134.50, below which ETH is likely to revisit the $132.70 swing low in the near term. The next key support is at $130.50.

The market data is provided by TradingView, Bitfinex.

The post Ethereum (ETH) Price Prediction: Bearish Reversal and Sell Zones appeared first on Blockonomi.

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