Ethereum price topped near the $122.00 level and declined heavily. ETH/USD broke the $116.20 and $112.60 support levels to enter a bearish trend.

  • Ethereum price settled below the key $116.20 support level, which is a bearish sign.
  • ETH/USD is likely to face sellers near a major bearish trend line with resistance at $114.00 on the 30-minute chart.
  • The price could extend the current slide and it may even test the $100.00 support zone.

Ethereum ETH Price

Ethereum Price Analysis

After a few rejections near the $122.00 and $124.00 levels, Ethereum price started a downward move. ETH/USD broke the $118.00, $116.20 and $112.60 support levels, signaling a change in the trend from neutral to bearish.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair even broke the $110.00 level and settled below the 25 simple moving average (30-min). During the slide, there was a break below a couple of connecting bullish trend lines at $118.00 and $113.00.

A new monthly low was formed at $108.87 and there are no signs of a short term correction. An initial hurdle for buyers is near the $110.60 level and the 23.6% Fib retracement level of the recent slide from the $116.41 high to $108.87 low.


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However, the main resistance is near the previous support at $112.60. It now coincides with the 50% Fib retracement level of the recent slide from the $116.41 high to $108.87 low.

Besides, there is a major bearish trend line in place with resistance at $114.00 on the same chart. An intermediate resistance is near $113.00 and the 25 simple moving average (30-min). Therefore, if Ethereum corrects higher from the current levels, there could be a strong selling interest near the $112.60, $113.00 and $114.00 levels.

Once Ethereum price completes a short term correction, it is likely to resume its decline. On the downside, an immediate support is at $106.50, below which ETH might drop towards the $100.00 level, which is a significant support. Conversely, a break and close above $114.00 may push the price towards $116.20 or $118.00.

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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