Ethereum Shows Signs Of New Decline: ETH Price Analysis

Ethereum shows signs of a new decline after the struggle to gain bullish momentum above the $142 and the $144 resistance against the US dollar. The Ethereum price could even start another decline if it breaks below the $135 support as we are reading in the ethereum news below.

Ethereum is facing an uphill task as the bulls are having a hard time to get closer to the $135 level. The price is holding the $15 support and the 100 hourly simple moving average with a bullish trend line forming at the support of $135 on the hourly charts.

Ethereum shows signs of declining after it tried to surpass the $142 and $144 level but later failed to continue above the $144 and started a downside correction. There was another break below the $140 level and also the 23% Fib retracement level from the $120 showed an upward move to the $144 high. The price even went below the $135 support but the 100 hourly simple moving average acted as very strong support. The 50% Fib retracement level from the $120 low to $144 high acts as a support level for the bulls. Besides, there could be a major bullish trend forming close to the $135 on the hourly charts of the ETH/USD pair.

Ethereum is trading in key support at $135 and the 100 hourly SMA so if the bulls fail to defend the $135 support level and the 100 hourly SMA, there could be a risk of sharp decline towards the $130 and $128 levels. The main support below the $130 is where the bulls are most likely to take a stand in the near term. Looking at the upside, the main issue for the Ethereum price is the near $142 and $144 level so if the bulls manage to clear the $144 resistance, the Ethereum price will likely surge above this level and the $148 level as well. The next resistance will be close to the $150 level above which the bulls will likely aim a new test of the $158 level in the upcoming sessions. Further gains could lead the price towards $165.