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The price of Ethereum fell below $ 125.00 after the delay of the rigid fork of Constantinople. The ETH / USD holds the support area of $ 120.00 and could correct higher.
- The price of Ethereum failed to exceed the resistance of $ 134.50-135.00 and decreased recently.
- ETH / USD traded below an important declining channel with support for $ 126.50 on the 30-minute chart.
- The price tested the support area of $ 120.00 and could correct higher in the short term.
Price analysis of Ethereum
Yesterday, there was a sharp rise in the price of Ethereum above the $ 130.00 level. However, the ETH price failed to break the $ 134.50 and 135.00 resistance levels plus the delay in Constantinople's steady grip triggered a bearish reaction.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair traded up to $ 134.50 and then formed an intermediate high at $ 134.29 before starting a bearish wave. It fell below support levels $ 128.00 and $ 125.00 to move into a bearish zone.
There was also a closing below the $ 125.00 level and a simple 25-minute (30-minute) average. However, the support area of $ 120.00 represented a strong obstacle for sellers and protected further losses.
During the decline, the price was trading below an important declining channel with support for $ 126.50 on the same chart. A minimum was formed at $ 119.37 and thereafter the price was corrected higher. Recently it has moved above the Fib retracement level of 23.6% from the last decline from $ 134.29 upwards to $ 119.37 below.
On the upside, there are many barriers for buyers, starting at $ 124.00 and the average moving at 25 simple (30 minutes). The main resistance is close to $ 125.00-126.00 and the Fib retracement level 50% of the last decline from $ 134.29 high to $ 119.37 low.
Finally, a break above the $ 128.00 pin level is needed for a new bullish wave in the next sessions. If buyers fail to gain strength over $ 126.00 or $ 128.00, the price may fall once again.
On the downside, the $ 120.00 support is very important, below which the price of Ethereum could retest the minimum of $ 116.10 or $ 115.00 in the short term.
Market data is provided by TradingView, Bitfinex.
