Price analysis of Ethereum (ETH): key support is nearby

The price of Ethereum has decreased and tested an important support close to $ 90.50. The ETH / USD could recover in the short term up to over $ 90.50.

• The price of Ethereum holds key support near the $ 90.50 level.
• ETH / USD is finding deals near a rising channel with support for $ 90.50 on the 30-minute chart.
• The price can correct higher towards $ 96.00 if there is no downside below $ 90.50.

Price analysis of Ethereum

After trading up to $ 102.50, the price of Ethereum started a major downward correction. It fell below support levels $ 100.00 and $ 95.00 to enter a short-term bearish zone.

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Looking at the 30-minute ETH / USD chart, the pair even broke the $ 92.50 support and the 25-minute (30-minute) moving average. However, the decline was protected near the support area $ 90.00-90.50.

More importantly, the price is finding deals near a rising channel with $ 90.50 support on the same chart. The price is currently recovering and has recently moved above the $ 92.00 level and the 25 simple (30 minute) moving average.

The buyers pushed the price above a downtrend link line at $ 92.00, opening the door to a good recovery. The first obstacle for buyers is close to the $ 96.00 level and the Fibra 50% retracement level of the recent decline from $ 102.50 upwards to $ 90.30 below.

If there is a break above the resistance levels $ 96.00 and $ 96.40, the price could rise towards the resistance $ 100.00 and the Fib retracement level 76.4% from the recent fall from $ 102 , 50 up to $ 90.30 low.

On the other hand, if buyers fail to defend channel support and $ 90.00, there could be a sharp decline to the $ 85.60 level. However, the main support is close to the $ 83.00-83.50 zone.

Overall, Ethereum is traded on a crucial support at $ 90.50. As long as buyers continue to protect losses below $ 90.50, there are chances for a decent recovery of $ 96.00 or even $ 100.00 in ETH in the short term. The 30-minute RSI has moved sharply above 50, which is a positive sign.

Market data is provided by TradingView, Bitfinex.