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Key points
- The price of ETH declined heavily after it failed to break the resistance of $ 125 against the US dollar.
- There is a crucial bearish trend line formed with resistance at $ 101 on the 4-hour chart of Eth / USD (data feed via Kraken).
- The pair could correct higher, but it is likely that sellers are close to the $ 99, $ 100 and $ 101 resistors.
The price of Ethereum declined heavily last week compared to the US dollar and Bitcoin. ETH / USD remains in a downtrend as long as it is less than $ 100 and $ 114.
Price analysis of Ethereum
Last week, the ETH price was pushed close to the $ 125-126 resistance zone against the US dollar. The ETH / USD pair started a significant downtrend and traded below the support levels $ 110, $ 105 and $ 100. There was also a close below $ 105 and a simple 100 moving average (4 hours). The sellers pushed the price under $ 100 and $ 90 levels. A new annual minimum was formed around $ 80 and thereafter the price was corrected higher.
There was a decent correction over the $ 90 resistance. The price has moved above the Fib retracement level of 23.6% from the last decline from $ 125 up to $ 80 down. However, the upward correction was limited around the area of $ 103-104. In addition, the 50% fiber retracement level of the last decline from $ 125 high to $ 80 prevented low gains. It is also a fundamental bearish trend line formed with resistance to $ 101 on the 4-hour chart of Eth / USD. The pair has retreated and has moved below the $ 100 level. It is currently close to $ 90 and it seems that the rises remain closed at around $ 96 and $ 99.
The chart above indicates that the ETH price is in a greater downtrend below $ 105 and $ 114 levels. If the price keeps going down, it could even bring down the $ 80 low swing. The next key support is $ 72 and $ 65.
4-hour MACD: MACD is slowly moving into the bullish zone.
4-hour RSI – The RSI has recovered above level 40.
Main support level: $ 80
Main resistance level: $ 101
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