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Key points
- The price of ETH seems to be approaching a massive breakdown below $ 100 against the US dollar.
- There is a crucial bearish trend line in place with resistance to $ 106 on the ETH / USD time chart (data feed via Kraken).
- The pair is likely to break the $ 100 and $ 95 levels in the short term if the sellers remain in stock.
The price of Ethereum is facing strong sales pressure towards the US dollar and bitcoin. The ETH / USD is likely to fall further as long as it is less than $ 106 and $ 110.
Price analysis of Ethereum
Yesterday we discussed the fact that the ETH price could test the $ 100 level against the US dollar. The ETH / USD pair traded below the $ 110 and $ 105 support levels to enter a bearish zone. There was also a closing below the $ 105 level and a simple 100-hour moving average. The price is trading near the $ 100 level and it looks like it could continue to fall. The recent minimum was $ 100 and the next immediate support is $ 98.
On the upside, initial resistance is the 23.6% retracement level of the recent decline from $ 112 high to $ 100 low. Above $ 103, there is a bearish trend line in place with resistance to $ 106 on the hourly chart of Eth / USD. The resistance of the trendline close to $ 105-106 is significant since it was a support previously. In addition, Fibra's 50% retracement level of the recent decline from $ 112 high to $ 100 low is close to $ 105. Therefore, if the price corrects the highs, it could face a strong barrier near the levels of $ 105 and $ 106.
Looking at the chart, the ETH price is clearly under $ 105 under pressure. It is likely to break the $ 100 and $ 95 levels to set the pace for further losses in the short term.
MACD time – The MACD is slowly returning to the bullish zone.
RSI timetable – The RSI is currently positioned well below level 40.
Main support level: $ 95
Main resistance level: $ 106
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