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- Support against the US Dollar.
- There is a major bearish trend line with resistance at $ 121 on the hourly chart of ETH / USD (data feed via Kraken).
- It is trading below the $ 119 and $ 121 resistances.
US dollar and bitcoin. ETH / USD settled below $ 120 and it may continue to decline towards $ 110 or $ 106.
Ethereum Price Analysis
After a decent recovery, ETH price faced with a strong selling interest above the $ 125 level against the US Dollar. The ETH / USD pair formed a top near the $ 126 level and later started at sharp decline. It broke the $ 122 support and the 100 hourly simple moving average. The decline was crucial since the price $ 120 and $ 118 support levels to move into a bearish zone. Sellers even pushed to the $ 115 level.
Later, the price started consolidating losses above $ 113 and corrected a few points higher. It moved above the 23.6% Fib retracement level of the recent decline from the $ 124 high to $ 113 swing low. However, the previous support near the $ 118 level is acting as a strong resistance. Moreover, the 50% Fib retracement level of the recent decline from the $ 124 high to $ 113 swing low is positioned near $ 118. More importantly, there is a major bearish trend line with resistance at $ 121 on the hourly chart of ETH / USD.
Below is the price below. As long as it is trading below $ 118 and $ 120, there is a risk of more losses. The next supports are at $ 110 and $ 106.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is slowly moving in the bullish zone, but with a bearish bias.
Hourly RSI – The RSI for ETH / USD is currently recovering above the 25 level, with a positive angle.
Major Support Level – $ 113
Major Resistance Level – $ 121
