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Key points
- The ETH price is under a lot of pressure and dropped below $ 125 and $ 115 compared to the US dollar.
- C & # 39; is a crucial bearish trend line formed with resistance to $ 115 on the 4-hour chart of the Eth / USD (data feed via Kraken).
- The pair could even break the $ 100 support level if sellers remain in short-term action.
The price of Ethereum decreased significantly compared to the US dollar and Bitcoin. ETH / USD is likely to test the support level of $ 100 considering the current price action.
Price analysis of Ethereum
The last sessions were very bearish below the $ 130 level in the ETH price compared to the US dollar. The pair ETH / USD started a new fall from the $ 130 swing and lost over 10%. The decline was such that the price also broke levels of $ 120 and $ 110. The price is now trading well below the $ 120 level and the simple moving average of 100 (4 hours).
The sellers pushed the price into a bad bearish zone of less than $ 110. A new annual low was formed at $ 105 and it seems that the current downward trend is not over. The price is likely to accelerate declines below $ 105 in the short term. The next support is $ 100, below which sellers could push the price to the $ 90 level. On the upside, initial resistance is at the Fib retracement level of 23.6% from the last decline from the $ 145 high to $ 105 low. There is also a fundamental bearish trend line formed with resistance to $ 115 on the 4-hour chart of Eth / USD. Above the trendline, the next major resistance for buyers is close to the $ 122 level.
The chart above indicates that the ETH price is clearly struggling far below $ 120. There are high odds of a bearish break below $ 100 in the short term. On the upside, resistances are seen near $ 115 and $ 122.
4-hour MACD – The MACD is heavily positioned in the bearish zone.
4-hour RSI – The RSI is currently near the extreme oversold zone.
Main support level: $ 100
Main resistance level: $ 122
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