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The price of Ethereum declined heavily compared to the $ 163.50 swing and traded below $ 140.00. ETH / USD is currently the holder of $ 125.00, but buyers appear to be in trouble.
- The price of Ethereum is facing many obstacles near the resistance from $ 134.00 and $ 144.00.
- ETH / USD is following a short-term downtrend channel with resistance close to $ 134.00 on the 30-minute chart.
- The price may fall further if buyers fail to defend support levels of $ 124.00 and $ 120.00.
Price analysis of Ethereum
Last week we witnessed a solid uptrend over the $ 150.00 barrier in the price of Ethereum. The price even eliminated the resistance of $ 160.00 and formed a new monthly high for $ 163.50.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair started a major downtrend from a maximum of $ 163.50. The sellers took control and pushed the price below $ 155.00, $ 150.00 and $ 142.00 support levels.
There was also a close under $ 140.00 support and a simple 25-minute (30-minute) average. The price traded from $ 124.50 and then started trading in a range. There was a short-term correction above $ 138.00 and $ 140.00 levels.
Buyers pushed the price above the 23.6% retracement level of the recent decline from $ 163.50 up to $ 124.41 below. However, they struggled to increase the pace above the resistance of $ 140.00 and 25 SMA.
Furthermore, an adequate 50% Fibra retracement test of the recent decline from the $ 163.50 upwards to $ 124.41 below was not carried out. ETH / USD was trading at $ 141.65 recently and subsequently fell below $ 140.00 and $ 138.00.
At the moment, the price is following a short-term downtrend channel with a resistance close to $ 134.00 on the same chart. If the price breaks the resistance of the channel, there is a possibility of a rise towards resistance levels $ 140.00 and $ 144.00.
On the other hand, a downward break below the minimum of $ 124.50 in the price of Ethereum could clarify the path for further losses. The next key support is $ 118.00, below which ETH may fall and test the $ 100.00 support area.
Market data is provided by TradingView, Bitfinex.
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