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Key points
- The ETH price further declined and broke the support area of $ 121 against the US dollar.
- There are two downtrend lines formed with resistance close to $ 121 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair could correct higher in the short term, but remains close to the $ 120 and $ 121 levels.
The price of Ethereum extended losses and decreased below the key support against the US dollar and bitcoin. The ETH / USD may continue to fall and could even test the $ 100 handle.
Price analysis of Ethereum
In the weekly analysis, we discussed the key supports from $ 120 and $ 121 for the ETH price compared to the US dollar. The pair ETH / USD struggled to stay above the support of $ 121 and then suffered a sharp decline. It broke the $ 121 and $ 120 support to test the next support at $ 114. A low was formed around the $ 113.45 level and the price is currently in higher correction. An initial hurdle is the 23.6% retracement level of the recent decline from $ 128 high to $ 113 low.
If there is a break above $ 117 and $ 118, the price can be traded towards the $ 120-121 area. The $ 120-121 area declared was support previously and could now prevent gains. More importantly, there are two downtrend lines formed with resistance close to $ 121 on the hourly chart of Eth / USD. In addition, Fibra's 50% retracement level of the recent decline from $ 128 up to $ 113 is $ 121. Therefore, if the price corrects higher towards the $ 120 and $ 121 levels, it may find a strong sales interest. Over $ 121 and the trend lines, the price could recover towards the simple 100-hour moving average.
Looking at the chart, the ETH price is under a lot of pressure below $ 121 and $ 128. If sellers remain in stock, the price will most likely slide towards the levels of $ 105 or $ 100.
MACD time – The MACD for ETH / USD is about to enter the bullish zone, with a lack of momentum.
RSI timetable – The RSI for ETH / USD is currently recovering above the 30 level, but the general injury is still bearish.
Main support level: $ 113
Main resistance level: $ 121
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