Home / Coin Payment / Ethereum Price Analysis: ETH Sinks Below Key Support, Could Extend Losses

Ethereum Price Analysis: ETH Sinks Below Key Support, Could Extend Losses

  • 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.

Ethereum Price Analysis ETH Chart

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 MACDThe MACD for ETH / USD is slowly moving in the bullish zone, but with a bearish bias.

Hourly RSIThe RSI for ETH / USD is currently recovering above the 25 level, with a positive angle.

Major Support Level – $ 113

Major Resistance Level – $ 121

Source link