Ethereum price faced an intense selling pressure this morning below the $145 level, similar to Bitcoin. Will the ETHUSD pair continue the downtrend?
Last week, the price of Ethereum (ETH) was trading in a bearish trend zone. ETH continued in a bearish zone after the bulls failed to climb above the $155 resistance level.
As a result, there was a downside break below the $145 support level. Moreover, Ethereum price dropped below the $138 low and it is currently struggling to recover. At press time, the coin is changing hands at the $140 level below the 9-day and 21-day Moving Averages (MA).
On the upside, if more buyers emerge, the coin will rise and retest the $155 and $165 resistance levels. On the other hand, should the price move below $140 support level, there is a possibility that the price could hit the critical support levels at $130 and $125.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the price of ETHUSD is in a bearish trend. The pair couldn’t achieve much in this month as it moved in sideways several times before following the downward trend.
ETHUSD price is likely to trade towards the $135 and $130 support levels. The key support zone could be $125, where the bulls are likely to put up a strong fight in the short term.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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