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Key points
- The ETH price failed to break the $ 113-114 resistance and again refused against the US dollar.
- The downtrend following this week is still in place with a resistance to $ 112 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair remains at risk of further losses below support levels $ 105 and $ 102.
The price of Ethereum has struggled to clarify important barriers against the US dollar and bitcoin. The ETH / USD could fall further below the $ 105 level in the short term.
Price analysis of Ethereum
Yesterday we discussed the fact that the increases remain limited to around $ 114-115 in the ETH price compared to the US dollar. The ETH / USD pair failed to break the $ 113-114 resistance zone and resumed its decline. Previously, there was a good recovery from the support level of $ 105. The price rose above the $ 110 level to stage a recovery. It also exceeded the fiber retracement level of 23.6% of the last slide, from a swing from $ 118 to a minimum of $ 104.
However, the upward move was limited by the $ 113-114 resistance zone. The price also failed to exceed $ 112 and the 100-hour moving average. In addition, the price was refused near the Fib 50% retracement level of the last slide from the $ 118 high swing to $ 104 low. A new decline is underway and the price is currently trading below $ 107. On the downside, the next major support is at $ 102, below which the price could perhaps revisit the $ 100 level. On the upside, the bearish trend line followed by this week is still in place with a resistance to $ 112 on the hourly chart of Eth / USD.
Looking at the chart, the ETH price is back in a downward zone below $ 110. As long as there is a close above the 100-hour SMA and $ 115, the price remains at risk of further losses.
MACD time – The MACD is back to gain strength in the bearish zone.
RSI timetable – The RSI is moving lower and is currently well below level 40.
Main support level: $ 102
Main resistance level: $ 112
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