Ethereum Price Analysis: ETH/USD hovers above $135, what buyers need to overcome $140 resistance?

  • Ethereum price is vulnerable to losses targeting $120 as long as it stays under $140.
  • Vitalik Buterin, Ethereum co-founder wants a bridge between Bitcoin and Ethereum networks via a decentralized exchange.

All the top three cryptocurrencies: Bitcoin, Ethereum and Ripple are slightly in the red and dealing with a building bearish momentum on Thursday during the Asian session. Ether is down 0.39%, BTC 0.12% and XRP 0.43% on the day. From an opening value at $136.28, ETH/USD attempted a move to break the hurdle at $140 but hit a wall at $138.13 (intraday high). The lower correction that followed found support at $135.

In the meantime, Ethereum is trading at $135.89. The existing trend is bearish while the volatility is low. The immediate downside is guarded by the 50 SMA in the 2-hour range. Another key area is the 100 SMA currently holding ground at $130.81.

From a technical perspective, Ethereum price is likely to settle for sideways trading action. For instance, the Relative Strength Index is holding its position above 50. Besides, a leveling motion hints that ranging action would take precedence.

A break above $140 is needed to allow the bulls to shift focus to levels at $150 and $160 respectively. However, the longer the price stays under $140, the stronger the sellers become. In due time, ETH/USD could retest the support at $120.

Vitalik Buterin wants to bridge Ethereum and Bitcoin networks

The co-founder of Ethereum, Vitalik Buterin recently committed to channeling resources in a course that will see a bridge built to seamlessly link Bitcoin and Ethereum networks. In his view, it is embarrassing that such a link is not available up to now. However, he proposed to develop a decentralized exchange (DEX) that will function as a trustless connection between the two massive networks.

The DEX is supposed to be trustless, serverless and exhibit the same user experience as Uniswap; a decentralized exchange that executes without an order book but uses Ethereum as the base currency for other tradable pairs.

ETH/USD 2-hour chart

ETH/USD price chart



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000. However, the buyers failed to develop an upside momentum above the critical resistance and the coin returned to $6,900 by press time.

More Bitcoin News

Why XRP/USD bottom eyes $0.05 mid-2020?

Ripple has remained relatively bullish from Monday this week following a breakdown over the weekend. XRP/USD refreshed the levels around $0.16 before focusing on recalling the ground towards $0.20. 

More Ripple News

ETH/USD needs to retest $140.00 before another attempt at $150.00

ETH/USD is changing hands at $144.50. The second-largest digital asset has gained nearly 4% in the recent 24 hours amid Bitcoin-led recovery on the cryptocurrency market. 

More Ethereum News

IOTA Price Analysis: IOTA scored by Crypto Ratings Council; IOT/USD goes into recovery mode

IOTA, now the 24th largest digital asset with the current market value of $429 million and an average daily trading volume of $12 million. At the time of writing, IOT/USD is changing hands at $0.1528. 

More IOTA News


Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast