Ethereum price is trading in a tight range below the $144.50 and $148.80 resistances. ETH/USD is setting up for the next break either above $145.00 or below $134.00 in the near term.
- Ethereum price failed on many occasions to break the $144.50 and $145.00 resistances.
- ETH/USD is likely to struggle near the $145.00 barrier and a bearish trend line at $144.90 on the 30-minute chart.
- The price is likely to breakdown below $134.00 if it continues to struggle near $145.00.
Ethereum Price Analysis
After a sharp drop, Ethereum price started a slow and steady correction above $140.00 and $142.00. However, ETH/USD faced a strong hurdle near the $144.50 and $145.00 resistance levels, and later started trading in a tight range.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair traded as low as $134.59 and later corrected above the $140.00 and $142.00 levels. There was also a push above the $144.00 level and the 25 simple moving average (30-min).
Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $170.00 high to $134.59 low. However, the price faced a strong hurdle near the $144.50 and $145.00 resistance levels.
There was no upside break above the $145.00 level and later the price declined below $142.00 and the 25 simple moving average (30-min). The price is trading in a tight range and it seems like it is preparing for the next break either above $145.00 or below $134.00.
On the upside, there is a crucial resistance in place near $145.00 and a bearish trend line at $144.90. A break above the $145.00 resistance could start a recovery towards the $152.00 resistance and the 50% Fib retracement level of the recent decline from the $170.00 high to $134.59 low.
On the other hand, a downside break below the $134.59 swing low may push the price further into a bearish zone. The next key support is at $132.00 and $130.50. Overall, Ethereum price might continue to trade in a range before the next wave either above $145.00 or below $134.00.
The market data is provided by TradingView, Bitfinex.
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