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Key points
- The ETH price failed to remain above the key support of $ 109 and has recently depreciated against the US dollar.
- The important bearish trend line highlighted yesterday is intact with resistance to $ 114 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair can correct higher in the short term, but the positive sides remain closed at around $ 112 and $ 114.
The price of Ethereum fell further compared to the US dollar and bitcoin. The ETH / USD may continue to fall and could even test the $ 102 support zone.
Price analysis of Ethereum
Yesterday, we discussed a couple of important resistances close to $ 119 and $ 120 for the ETH price compared to the US dollar. The ETH / USD pair failed to break the $ 119 and $ 120 resistance and declined recently. The price traded below the key support of $ 109 to move further into a bearish zone. It is now trading well below the resistance of $ 119 and the simple 100-hour moving average.
The recent low was formed near $ 104 and the price is currently consolidating losses. Initial resistance is close to the Fib retracement level of 23.6% from the recent decline from $ 117 high to $ 104 low. However, the main obstacle for buyers is close to the $ 113 level and the simple 100-hour moving average. In addition, the important downtrend line highlighted yesterday is intact with resistance to $ 114 on the hourly chart of Eth / USD. The trend line is above the 61.8% Fib retracement level of the recent decline from $ 117 high to $ 104 low. Therefore, it will not be easy for buyers to cancel resistance levels $ 113 and $ 114.
Looking at the chart, the ETH price is clearly under much pressure below the resistance level of $ 114. If there is a break below the minimum of $ 104, the price could also test the area support from $ 102. On the upside, a break above $ 114 can push the price towards $ 119.
MACD time – The MACD is slowly moving into the bullish zone.
RSI timetable – The RSI is now well below the 50 level.
Main support level: $ 102
Main resistance level: $ 114
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