Ethereum price declined below $125.00 after the Constantinople hard fork was delayed. ETH/USD is holding the $120.00 support area and it could correct higher.

  • Ethereum price failed to break the $134.50-135.00 resistance and declined recently.
  • ETH/USD traded below a major declining channel with support at $126.50 on the 30-minute chart.
  • The price tested the $120.00 support area and it may correct higher in the short term.

Ethereum ETH Price

Ethereum Price Analysis

Yesterday, there was a sharp upward move in Ethereum price above the $130.00 level. However, ETH price failed to break the $134.50 and 135.00 resistance levels plus delay in the Constantinople hard fork sparked a bearish reaction.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair traded as high as $134.50 and later formed an intermediate high at $134.29 before starting a bearish wave. It declined below the $128.00 and $125.00 support levels to move into a bearish zone.

There was even a close below the $125.00 level and the 25 simple moving average (30-min). However, the $120.00 support area acted as a strong barrier for sellers and protected additional losses.

During the decline, the price traded below a major declining channel with support at $126.50 on the same chart. A low was formed at $119.37 and later the price corrected higher. It recently moved above the 23.6% Fib retracement level of the last decline from the $134.29 high to $119.37 low.

On the upside, there are many hurdles for buyers, starting with $124.00 and the 25 simple moving average (30-min). The main resistance is near $125.00-126.00 and the 50% Fib retracement level of the last decline from the $134.29 high to $119.37 low.

Finally, a break above the $128.00 pivot level is needed for a fresh bullish wave in the coming sessions. If buyers fail to gain strength above $126.00 or $128.00, the price may decline one more time.

On the downside, the $120.00 support holds a lot of importance, below which Ethereum price could retest the $116.10 swing low or $115.00 in the near 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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