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Key points
- The ETH price failed to stay above the $ 146 support and fell heavily against the US dollar.
- C & # 39; is a short-term bearish trend line formed with resistance to $ 128 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair may correct some points towards $ 130, but it is likely to increase the declines below $ 120.
The price of Ethereum has fallen heavily over the last few hours against the US dollar and bitcoin. ETH / USD could test $ 110 or $ 105 if it fails to recover above $ 128 and $ 136.
Price analysis of Ethereum
Yesterday we saw solid support near the $ 144-146 zone for the ETH price compared to the US dollar. The ETH / USD pair recently failed to break the $ 150-151 zone and a bearish trend line. The result was a sharp downward reaction and the price fell below the $ 146 and $ 144 support. The sellers took control and pushed the price below the $ 130 level. There was also a closing below the $ 130 level and a simple 100-hour moving average. A minimum was formed close to $ 122 and subsequently the price began to consolidate losses.
An initial resistance is the Fib retracement level at 23.6% of the recent decline from the minimum of $ 151 to the minimum of $ 122. In addition, there is also a short-term bearish trend line formed with resistance at $ 128 on the hourly chart of the Eth / USD. If there is a break above the trend line and $ 128, the price could recover further. The next key resistance is close to the $ 126 level. The declared level represents the 50% Fibra retracement level of the recent decline from the low of $ 151 to the minimum of $ 122. An appropriate close above the $ 136 level is required. for a good recovery in the short term.
Looking at the chart, the ETH price has clearly made a U-turn under the support of $ 146. As long as the price is less than $ 136, there is the risk of further losses. A break below $ 122 and $ 121 can push the price towards $ 110.
MACD time – The MACD for ETH / USD is slowly moving into the bullish zone, but the general injury is still negative.
RSI timetable – The RSI for ETH / USD is currently being recovered from the oversold zone.
Main support level: $ 121
Main resistance level: $ 136
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