Ethereum Price Prediction: ETH/USD Price Drops Below $140 Following The Latest Bitcoin Plunge

ETH Price Prediction – January 9

Ethereum (ETH) saw a 2.71% price decline over the past 24 hours of trading as the cryptocurrency rolls over and drops beneath $140.

ETH/USD Market

Key Levels:

Resistance levels: $148, $150, $152

Support levels: $130, $128, $126

ETHUSD – Daily Chart

A few days ago, ETH/USD did not climb much higher from the $144.12 level as the market started to roll over and fall within the ascending channel. This decrease is largely attributed to the fact that ETH/BTC plummeted pretty significantly. ETH/USD remains above the 9-day and 21-day MAs but it can rise higher and break above the last month’s high at around $150.67. If ETH/USD was to fall and drop beneath the support at $135, the coin may turn bearish.

However, if the sellers continue to add downward pressure to ETH, initial support is expected at $130. Beneath this, support can be found at $128 and $126. On the other hand, if the bulls can defend the $135 level and allow ETH to rebound, an initial resistance is located at $145. Above this, additional resistance is expected at $148, $150 and $152.

More so, the RSI (14) has been falling toward the 50-level which shows that the previous bullish momentum is starting to fade. If the RSI indicator manages to remain above the 50-level then the bulls stand a chance to allow Ethereum to rebound at $135. However, if it penetrates beneath, the cryptocurrency may continue a downward spiral.

ETH/BTC Market

Against Bitcoin, Before now, ETH stalled as it reached the resistance around 0.0188 BTC, causing it to roll over and fall. A couple of days ago, ETH/BTC plummeted precipitously as it dumped into the support at 0.0175 BTC. The pain did not stop there as ETH continued to fall further lower to reach the downside at 0.0169 BTC. Ethereum bounced higher from here and returned to where it currently trading at 0.0175 BTC level.

ETHBTC – Daily Chart

Yesterday, ETH remains in a neutral market condition as it managed to rebound higher above the 0.0171 BTC level. However, if it drops back beneath 0.0171 BTC then the market would have to be considered as bearish and the support levels to watch are 0.0165 and below. To turn bullish, ETH must rise much higher and break above the 0.185 BTC level and above.

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About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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