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Price analysis of Ethereum: ETH / USD approaches resistance near $ 118



Key points

  • The price of the ETH dropped sharply and even exceeded the $ 100 level before recovering from the US dollar.
  • C & # 39; is a bearish trend line formed with resistance to $ 116 on the hourly chart of ETH / USD (data feed via Kraken).
  • The pair must overcome the resistance levels $ 116 and $ 118 to recover further in the short term.

The price of Ethereum has fallen to new lows compared to the US dollar and bitcoin. ETH / USD came below the $ 100 level before recovering over $ 110.

Price analysis of Ethereum

In the weekly analysis, we discussed a strong downward movement towards $ 100 in the ETH price compared to the US dollar. The pair ETH / USD has lowered and traded below $ 115 and $ 110 support. The price even broke the $ 100 level and formed a new annual low at $ 98. Next, there was a decent upward correction and the price moved above $ 100 and $ 110. It was also a break above the 50% Fibra retracement level of the recent decline from $ 126 high to $ 98 low.

However, the price has gathered in a great resistance close to $ 118. In addition, there is a large bearish trend line formed with resistance to $ 116 on the hourly chart of Eth / USD. It seems that the previous support near $ 118 is now acting as a solid resistance. The pair also struggled to stabilize above the 61.8% Fibra retracement level of the recent decline from $ 126 to $ 98 low. At the moment, the price drops to $ 112 and follows the same downtrend line. If there is a bullish break above $ 116 and $ 118, the price could recover towards the $ 125-126 zone.

ETH Price Analysis Chart of Ethereum

Looking at the chart, the ETH price is clearly under a lot of pressure below $ 118 and $ 126. If he resumes his slide, there could be more losses towards $ 100 and $ 95 in the short term.

MACD timeThe MACD is currently in the bullish zone.

RSI timetableThe RSI is currently positioned well above level 50.

Main support level: $ 105

Main resistance level: $ 118


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