Ethereum price is facing a strong resistance near the $109.00 level. ETH/USD may soon make the next major move either above $110.00 or towards $100.00.

  • Ethereum price is currently consolidating below the $109.00 resistance level.
  • ETH/USD needs to break a major bearish trend line with resistance at $108.30 on the 30-minute chart.
  • The price could decline heavily if there is a break below the $105.00 and $104.00 supports.

Ethereum ETH Price

Ethereum Price Analysis

Yesterday, we saw was a strong decline in Ethereum price below the $110.00 support. ETH traded close to the $100.00 support and formed a new monthly low at $103.20. Later, the price started an upside correction and traded above the $106.00 level.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair managed to move above the $107.00 level and the 25 simple moving average (30-min). There was also a break above the 23.6% Fib retracement level of the recent downside move from the $116.35 high to $103.20 swing low.

However, the price faced a strong selling interest near the $108.50 level. The chart suggests that there were two rejections near $108.50 and later there were consolidation moves.

More importantly, there is a major bearish trend line in place with resistance at $108.30 on the same chart. A successful break above the trend line and $108.50 may push the price towards the $110.00 level and the 50% Fib retracement level of the recent downside move from the $116.35 high to $103.20 swing low.


Additionally, if buyers gain strength above $110.0, the price may stage a solid comeback and it could recover towards the $115.00 level. On the flip side, if there is no upside break and the price declines below the $105.00 support area, then sellers are likely to take control.

The current price action indicates that Ethereum price might make another attempt to clear the $108.50 resistance. The chances of buyers succeeding are less, but if they gain momentum, ETH could start a decent recovery in the short term.

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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