Ethereum price declined towards $100.00 and formed a low at $102.96. ETH/USD recovered nicely above $115.00, but it facing resistance near $120.00-123.00.

  • Ethereum price climbed higher sharply after trading as low as $102.96.
  • ETH/USD is facing a solid bearish trend line with resistance at $120.00 on the 30-minute chart.
  • The price must climb above the $120.00 and $123.50 levels to stage a significant recovery.

Ethereum ETH Price

Ethereum Price Analysis

During the weekend, there was a sharp decline from the $130.50 swing high in Ethereum price. Sellers took control below $122.00 and $120.00 to push the price towards the key $100.00 handle.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair traded as low as $102.96 and later started a decent upside correction. It moved above the $112.00 level and the 25 simple moving average (30-min).

The upside move was positive as there was a recovery above the $118.00 and $120.00 levels as well. However, the price struggled to settle above the $122.00-123.00 resistance area, which was a support earlier.

Besides, there is a solid bearish trend line formed with resistance at $120.00 on the same chart, which is currently acting as a major hurdle for buyers. The price corrected below $120.00 and the 23.6% Fib retracement level of the recent wave from the $102.96 low to $123.51 high.

The price traded close the $115.00 level where buyers emerged. At the outset, the price is trading above the $115.00 support, the 25 simple moving average (30-min), and a connecting bullish trendline on the same chart.

If there is a downside break below $115.00, the price could test the $110.00 support and the 61.8% Fib retracement level of the recent wave from the $102.96 low to $123.51 high.

On the other hand, if there is an upside break above the $120.00 and $123.00 resistance levels, it could open the doors for a larger correction. The next immediate resistance for Ethereum price is near $130.00, above which ETH/USD may even rally towards the $145.00 level.

The market data is provided by TradingView, Bitfinex.



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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