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 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.
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.