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Key points
- The ETH price failed to exceed the resistance level of $ 119 and subsequently fell against the US dollar.
- There is a crucial bearish trend line in place with resistance at $ 113 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair is likely to extend the current drop below support levels $ 105 and $ 102.
The price of Ethereum failed to gain traction and fell against the US dollar and bitcoin. ETH / USD could even break the low $ 98 and extend losses in the short term.
Price analysis of Ethereum
Yesterday we saw a fair recovery above the $ 115 level in the ETH price compared to the US dollar. However, the ETH / USD pair failed to gain traction above the resistance levels of $ 118 and $ 119. It was rejected near the Fib retracement level of 61.8% of the last drop from $ 127 high to $ 98 low. More importantly, there was no closing above $ 118-120 and the simple 100-hour moving average.
The price was rejected, resulting in a new fall below $ 115 and $ 110 levels. Furthermore, there is a bearish trend line in place with resistance to $ 113 on the hourly chart of Eth / USD. The pair recently broke the 50% fiber retracement level of the last wave from the low of $ 98 to $ 119. In the beginning, the price is following a declining channel with resistance to $ 106 on the same graphic. In the short term, there may be a slight uptrend, but increases are likely to be around $ 110 or $ 113. On the downside, immediate support is $ 102 followed by $ 100.
Looking at the chart, the ETH price is likely to extend the current decline if sellers keep control below $ 110. The price could even break the $ 100 and $ 98 levels to post new 2018 lows in the near term.
MACD time – The MACD is currently in the bearish area.
RSI timetable – The RSI settled below level 50 with a negative angle.
Main support level: $ 100
Main resistance level: $ 113
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