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Key points
- The price of ETH declined heavily and traded near the support level of $ 120 against the US dollar.
- The key bearish trend line highlighted yesterday is intact with resistance to $ 138 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair must overcome the resistance levels $ 138 and $ 140 to start a decent recovery.
The price of Ethereum is traded close to key supports against the US dollar and bitcoin. The ETH / USD must stay above $ 120 to recover in the short term.
Price analysis of Ethereum
Yesterday we discussed the fact that the ETH price is in an ugly downtrend and could fall below $ 140 compared to the US dollar. The ETH / USD pair declined sharply and surpassed the $ 140 and $ 132 support levels. The decline was such that the price was trading close to the $ 120 level. A minimum was formed at $ 121 and the price it is currently well below the 100-hour simple moving average.
At the moment, the price is consolidating above the support of $ 120. Recently it has exceeded the Fib retracement level to 23.6% of the recent slide from $ 145 high to $ 121 lower. However, there are a lot of resistance on the upside near the 136-138 zone. More importantly, yesterday's key bearish trend line is intact with resistance to $ 138 on the hourly chart of Eth / USD. The trendline is close to the Fib retracement level at 61.8% of the recent slide from $ 145 high to $ 121 below. Therefore, any move upward towards $ 135, $ 136 and $ 138 is likely to find a strong selling interest.
Looking at the chart, the ETH price is trading well above the support level of $ 120. As long as the price is higher than $ 120, there is the possibility of an upward turn towards the $ 140 and $ 150 levels in the short term . Under $ 120, the price could trade towards $ 105.
MACD time – The MACD is about to enter the bullish zone.
RSI timetable – The RSI is currently just above level 40.
Main support level: $ 120
Main resistance level: $ 138
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