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Ethereum ETH fell again and repeated the support area of $ 106.80. ETH / USD is currently consolidating and facing many hurdles close to $ 111.50 and $ 115.50.
- The price of Ethereum is still above the key support level of $ 106.80.
- ETH / USD is following a fundamental bearish trend line with resistance to $ 115.50 on the 30-minute chart.
- The price could correct higher until there is a convincing break below $ 106.80.
Price analysis of Ethereum
After a short-term rebound, the price of Ethereum suffered strong resistance near the $ 115.00-115.50 zone. The price failed to gain bullish momentum, resulting in a new decline below $ 112.00 and $ 110.00.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair formed an intraday high at $ 115.48 and dropped below $ 112.00. There was a closing below the $ 110.00 level and the 25 simple (30 minute) moving average.
The decline was strong, but buyers again defended the support area by $ 106.80-107.00. Low was formed at $ 107.17 and the price is currently consolidating losses. An initial resistance approaches the Fib retracement level at 23.6% of the recent decline from $ 115.48 up to $ 107.17 below.
The first major obstacle for Ether buyers is close to the $ 111.50 level (the previous support zone). Above $ 111.50, the next key barrier is near the $ 115.00-115.50 zone and a crucial bearish trend line with resistance at $ 115.50 on the same chart.
An intermediate resistance is close to $ 112.00 and the Fib retracement level to 61.8% of the recent decline from $ 115.48 up to $ 107.17 below. Therefore, the price seems to be stuck on a solid support at $ 106.80 and a crucial resistance near $ 115.50.
The next move may be over $ 115.50 or less than $ 106.80. If there is a bearish break, the price is likely to fall to the level of $ 102.50 or $ 101.60. On the other hand, a positive closing above $ 115.50 can push the price towards $ 120.00.
Overall, the price of Ethereum is stable above the support of $ 106.80. However, the next move is very close and buyers have to be careful if sellers push the price below $ 106.80 and $ 105.50.
Market data is provided by TradingView, Bitfinex.
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