Price analysis of Ethereum (ETH): sellers remain under control



[ad_1]

Ethereum has extended losses below $ 115.00 and $ 110.00. The ETH / USD seems to be preparing for further losses to the $ 100.00 level.

  • The price of Ethereum fell below support levels of $ 115.00 and $ 111.50.
  • ETH / USD is trading below two bearish trend lines with resistance at $ 109.00 and $ 117.00 on the 30 minute chart.
  • The price is likely to break the recent low near $ 106.50 to test the $ 100.00 support.

Price Ethereum ETH

Price analysis of Ethereum

There were further drops in the price of Ethereum after closing below the support of $ 116.00. The price fell below support levels of $ 115.00, $ 111.50 and $ 110.00.

ETH Price Analysis Chart of Ethereum

Click to enlarge the chart

Looking at the 30-minute ETH / USD chart, the pair settled below the support of $ 111.50 and the 25-minute (30-minute) moving average. The current technical structure is very bearish provided the price is less than $ 111.50 and $ 117.00.

The recent minimum swing was formulated at $ 106.87 and thereafter the price was corrected higher. However, the upward move was limited by the Fib retracement level to 23.6% of the recent slide from $ 120.45 upwards to $ 106.87 below.



The price has declined again and has even broken the $ 106.87 minimum. A new weekly minimum has been formed around $ 106.50 and it seems that the price is going to increase drops. On the upside, there are two key bearish trend lines formed with resistance at $ 109.00 and $ 117.00.

If there is a break above the forefront of the trend, $ 110.00 and the simple moving average at 25 (30 minutes), there could be a recovery towards the next resistance at $ 113.00-113.50. Represents the previous support area and coincides with the 50% Fibra retracement level of the recent slide from $ 120.45 up to $ 106.87 below.

Therefore, a move upwards towards $ 113.00 or $ 113.50 risks facing a lot of sales interests. On the downside, initial support is close to the minimum of $ 106.50, below which sellers could push the price of Ethereum towards $ 100.00. In the case mentioned, it would be interesting to see if ETH buyers can defend crucial $ 100.00 support.

Market data is provided by TradingView, Bitfinex.

[ad_2]
Source link