Ethereum ETH declined again and retested the $106.80 support area. ETH/USD is currently consolidating and it is facing many hurdles near $111.50 and $115.50.
- Ethereum price is still above the key $106.80 support level.
- ETH/USD is following a crucial bearish trend line with resistance at $115.50 on the 30-minute chart.
- The price could correct higher as long as there is no convincing break below $106.80.
Ethereum Price Analysis
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Looking at the 30-minute chart of ETH/USD, the pair formed an intraday high at $115.48 and declined below $112.00. There was a close below the $110.00 level and the 25 simple moving average (30-min).
The decline was strong, but buyers once again defended the $106.80-107.00 support area. A low was formed at $107.17 and the price is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the recent drop from the $115.48 high to $107.17 low.
The first major hurdle for Ether buyers is near the $111.50 level (the previous support zone). Above $111.50, the next key barrier is near the $115.00-115.50 zone and a crucial bearish trend line with resistance at $115.50 on the same chart.
An intermediate resistance is near $112.00 and the 61.8% Fib retracement level of the recent drop from the $115.48 high to $107.17 low. Therefore, the price seems to be stuck above a solid support at $106.80 and a crucial resistance near $115.50.
The next move could be either above $115.50 or below $106.80. If there is a bearish break, the price is likely to decline towards the $102.50 or $101.60 level. On the other hand, a successful close above $115.50 may push the price towards $120.00.
Overall, Ethereum price is stable above the $106.80 support. However, the next move is very close and buyers need to be careful if sellers push the price below $106.80 and $105.50.
The market data is provided by TradingView, Bitfinex.