- The ETH price fell recently below $ 120 and tested the key support area of $ 112 against the US dollar.
- The important bearish trend line highlighted yesterday is intact with resistance to $ 118 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair is currently consolidating under the resistance of $ 118 and $ 120, with some positive moves.
The price of Ethereum is placed in a bearish zone compared to the US dollar and bitcoin. ETH / USD must break resistance from $ 118 and $ 120 to start a short-term upward correction.
Price analysis of Ethereum
Yesterday we witnessed a bad decline in the ETH price from $ 125 against the US dollar. The pair ETH / USD broke the $ 122, $ 120, $ 118 and $ 115 support to move into a bearish zone. He tested the $ 112 support area in which the buyers emerged. Subsequently, the price began to consolidate losses and corrected some points above the $ 114 level. It traded above the fiber retracement level of 23.6% of the last slide, passing from a & # 39; swing from $ 123 to a low swing of $ 112.
However, there are many upside obstacles near the $ 118 level. The price made a couple of attempts to clear the $ 117-118 zone, but buyers failed to gain momentum. In addition, the 50% fiber retracement level of the last slide from the $ 123 swing to $ 112 low swing is close to $ 118. More importantly, the important bearish trend line highlighted yesterday is intact with resistance to $ 118 on the hourly chart of Eth / USD. Finally, the 100-hour moving average is close to the $ 120 level. Therefore, both the $ 118 and the $ 120 are crucial obstacles for short-term buyers.
Looking at the chart, the ETH price may continue to operate in a range above $ 112 before the next move. If buyers push the price above the resistance of $ 118 and $ 120, there may be a pick-up to $ 125. Otherwise, the price could retest the $ 112 or $ 110 level.
ETH Technical indicators
MACD schedule – The MACD for ETH / USD is slightly positioned in the bullish zone, with a flat structure.
RSI timetable – The RSI for ETH / USD is currently moving higher towards levels 50 and 55.
Main support level: $ 113
Main resistance level: $ 120