Ethereum price declined recently after trading near the $123.00 level. ETH/USD is now facing a major resistance near the $116.00-116.50 area.

  • Ethereum price settled below the key $116.00 and $116.50 support levels.
  • ETH/USD traded below an important declining channel with support at $116.00 on the 30-minute chart.
  • The price is likely to decline towards the key $111.50 and $111.00 support levels.

Ethereum ETH Price

Ethereum Price Analysis

Recently, there was a decent upward move above the $120.00 resistance in Ethereum price. Buyers even pushed the price above the $122.00 level, but they struggled near the $123.00 zone.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair traded as high as $123.10 and later started a bearish wave. It traded below the $120.00 support and the 25 simple moving average (30-min) to enter a negative zone.

Later, sellers pushed the price below the 50% Fib retracement level of the last wave from the $111.65 low to $123.10 high. More importantly, the price broke the key $116.00 and $116.50 support levels.

Finally, there was a break below an important declining channel with support at $116.00 on the same chart, which opened the doors for more losses. The price is currently trading below the 76.4% Fib retracement level of the last wave from the $111.65 low to $123.10 high.

An immediate support is near the $111.50 and $111.00 levels, which acted as a hurdle for sellers on many occasions recently. On the upside, an initial resistance is near the broke channel support at $115.50 and the 25 simple moving average (30-min).

However, the main resistance for buyers is near the previous $116.00 and $116.50 support levels. Above $116.50 and $117.00, the price could test the upper channel resistance trend line at $119.50.

Overall, Ethereum price settled below the key $116.00 and $116.50 support levels. If ETH buyers fail to defend the next major support at $111.00, there could be a sharp decline. On the other hand, a close above $116.50 is needed for a shift in the market sentiment.

The market data is provided by TradingView, Bitfinex.

Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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