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Ethereum, the scenario turns bearish after the weekend

Ethereum failed to pass the levels of resistance of 138 and 140 dollars. As a result, the price of ETH has dropped below $ 130 and is now constantly trading in a bearish zone.

Last week we had a good shot of the Ethereum quotes above the resistance levels of 140 and 145 dollars. ETH's price had even surpassed the $ 150 level, while demonstrating an inability to sustain a new ascent.

Therefore, a maximum close to 154 dollars, from which the price started to fall. There was therefore a close below the support levels of $ 140 and $ 138, which subsequently acted as a major stumbling block for the bulls.

Price is now trading below the $ 130 support and the 100-hour simple moving average. During the downturn, there was a break below an important bullish trend line with support close to $ 132 on the hourly ETH / USD chart. And now what will happen?

Ethereum price

Ethereum tested the support area for $ 120 and is currently consolidating losses. If it continues to fall, the initial support to consider will be close to the $ 120 level. If the bears were to push the price below the $ 120 support, then the doors would open for a further drop, with immediate support close to the $ 112 level, below which the price could drop towards the support of $ 105.

On the other hand, if the bulls should regain strength, then Ethereum could point to the first key resistance, placed at $ 130. An exit above the $ 130 barrier could bring the price towards resistance levels of $ 135 and $ 138 in the short term. The main obstacle would then be close to $ 140, above which the price is likely to become strongly bullish.

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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