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

Fibo Quantum

  • 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