Ethereum price analysis: $140.00 remains unconquered

ETH/USD tested area above critical $140.00 handle, but the upside proved to be unsustainable as the price retreated to $139.00 by the time of writing. The second largest coin by market value grew strongly on Wednesday, in line with general market momentum. However, the bullish momentum faded away and put the coin into a consolidation mode.

recovered from the recent low of $131.54 to trade at $137.81 at the time of writing. The second largest coin with the current market value of $14.6B grew by nearly 3% in a matter of hours during Asian session amid global cryptocurrency market recovery.

What’s going on

Blockchain start-up Trustology established by former BNY Mellon, RBS and Barclays employees, launched TrustVault, cryptocurrency storage vault for Ethereum. TrustVault consists of hardware modules placed in protected data centers and iOS app used to manage the funds. 

At this stage, users can only store Ether in the vault, though the company plans to add ERC-20 and BTC support in the nearest future.

Ethereum’s technical picture 

From the short-term point of view, the critical support lies in the area $137.00-$136.70. It is created by a confluence of 4-hour and 1-hour SMA levels. Meanwhile, $135.00 is critical for the coin’s near-term momentum. This handle served as a strong resistance and now might provide a good support in case of the extended downside correction

On the upside, we need to return above $140.00 and retest the recent high at $140.86. The next barrier comes at psychological $141.00

ETHUSD, 4-hour chart