Ethereum price failed to stay above the $130.00 resistance and declined sharply. ETH/USD dropped more than $20.00 and spiked below the $110.00 level before staging a recovery.

  • Ethereum price declined below the $126.00 and $117.50 support levels.
  • ETH/USD if trading below two bearish trend lines with resistance at $118.40 and $122.00 on the 30-minute chart.
  • The price remains at a risk of more losses and it could revisit the $110.00 level in the near term.

Ethereum ETH Price

Ethereum Price Analysis

After trading as high as $132.36, there was a sharp bearish reaction in Ethereum price. Sellers gained control below the $130.00 and $126.00 supports to start a major decline. The price even broke the $117.50 and $112.00 support levels.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair spiked below the $110.00 level and traded as low as $107.51. Later, there was a sharp recovery above the $112.00 level and the 23.6% Fib retracement level of the recent drop from the $132.36 high to $107.51 low.

The price even managed to move back above the $117.50 level, but it failed to clear the $122.00 resistance. Sellers also defended the 50% Fib retracement level of the recent drop from the $132.36 high to $107.51 low.

At the moment, the price is trading below the $117.50 level and the 25 simple moving average (30-min). On the upside, there are two bearish trend lines formed with resistance at $118.40 and $122.00 on the same chart.

Therefore, a major upward move is very unlikely unless buyers gain strength above the $120.00 and $122.00 resistance levels. If they fail to surpass the mentioned resistance, the price could resume its slide towards the $112.00 and $110.00 support levels.

More importantly, Ethereum remains at a risk of a downside break towards the $100.00 handle if buyers continue to struggle. The main support is at $110.00 and $107.00, below which the price may even decline below the $100.00 support area in the coming days.

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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