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 ETH Price

Ethereum Price Analysis

After a short term bounce, Ethereum price faced a strong resistance near the $115.00-115.50 zone. The price failed to gain bullish momentum, resulting in a fresh decline below $112.00 and $110.00.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

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.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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