ETH Price Analysis – Trades Sideway. Correction Expected

As predicted yesterday in our analysis, bears have taken over the control and pushed down the ETH USD to the first line of defense at $138 where the buyers support emerged. In the following session, the price gained some momentum until reaching 148$ level.

Currently trading at 145$, ETH USD pair is facing heavy resistance near 148$. Based on technical indicators, both MACD and RSI indicators suggest bearish sentiment will continue for longer sessions. The flattening trend of trading momentum as observed in OBV also suggests the prices may be near the top.

Therefore, bears may continue to hold a strong position and try to pull back again to the first line of support at $138. If the price level doesn’t hold, then the second line of defense for bulls will be at $124.

On the other hand, if a drop to 138$ is then followed by an upward price momentum and supported with large trading volume, it might be a good opportunity to take the position.