Ethereum price failed to gain strength above $122.00 and declined recently. ETH/USD is currently holding the $106.50 support, which could place an important role.

  • Ethereum price struggled to settle above the $121.00 and $122.00 resistances.
  • ETH/USD is still facing a major bearish trend line with resistance at $117.00 on the 30-minute chart.
  • The price must stay above the $106.00 support area to climb higher in the short term.

Ethereum ETH Price

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Ethereum Price Analysis

Yesterday, we discussed a few resistances near the $120.00 and $123.00 levels for Ethereum price. Buyers struggled to surpass the $120.00 and $122.00 levels, resulting in a fresh decline.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair was clearly rejected near the $121.00 level. Sellers pushed the price back below the $120.00 level and the 25 simple moving average (30-min).

During the decline, the price also broke the $115.00 support and the 50% Fib retracement level of the last wave from the $102.95 low to $123.54 high. It cleared the path for sellers to take control and the price tested the $106.50 support area.

Buyers protected declines below $106.50 and later the price recovered a few points. It recently broke a contracting triangle pattern with resistance at $108.00 on the same chart.

An immediate resistance is the 23.6% Fib retracement level of the recent decline from the $120.89 high to $106.04 low. If there is a break above the $110.00 level, the price could climb towards the next major resistance at $115.00.

More importantly, there is a major bearish trend line in place with resistance at $117.00 on the same chart. Therefore, a proper close above $117.00 and $120.00 is must for buyers to gain strength in the near term.

On the flip side, if Ethereum buyers fail to push the price above the $115.00 resistance, there could be a fresh decline in ETH/USD. On the downside, the key support is at $106.00, below which sellers may even push the price below the $102.96 low.

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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