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The price of Ethereum dropped to $ 100.00 and stood at $ 102.96. ETH / USD recovered well above $ 115.00, but resisted around $ 120.00-123.00.
- The price of Ethereum increased sharply after trading at $ 102.96.
- ETH / USD is facing a solid bearish trend line with resistance to $ 120.00 on the 30-minute chart.
- The price must exceed the levels of $ 120.00 and $ 123.50 to stage a significant recovery.
Price analysis of Ethereum
Over the weekend, there was a sharp decline from the $ 130.50 rise in the price of Ethereum. Sellers have taken control under $ 122.00 and $ 120.00 to push the price towards the $ 100.00 key handle.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair traded at a low of $ 102.96 and then started a decent upward correction. It has moved above the $ 112.00 level and the simple 25-minute (30-minute) average.
The upward move was positive as there was a recovery above the levels of $ 118.00 and $ 120.00. However, the price struggled to exceed the resistance area of $ 122.00-123.00, which was previously a support.
Furthermore, there is a solid bearish trend line formed with resistance at $ 120.00 on the same chart, which is currently acting as an important obstacle for buyers. The correct price below $ 120.00 and the Fib retracement level 23.6% of the recent wave from $ 102.96 low to $ 123.51 high.
The traded price closes the $ 115.00 level at which buyers have emerged. At the beginning, the price is trading above the support of $ 115.00, the simple moving average at 25 (30 minutes) and a bullish uptrend line on the same chart.
If there is a bearish break below $ 115.00, the price could test the support of $ 110.00 and the Fib retracement level 61.8% of the recent wave from $ 102.96 low to $ 123, 51 high.
On the other hand, if there is a bullish break above the resistance levels of $ 120.00 and $ 123.00, it could open doors for a bigger correction. The next immediate resistance for the price of Ethereum is about $ 130.00, above which ETH / USD could even rise to the level of $ 145.00.
Market data is provided by TradingView, Bitfinex.
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