Ethereum price failed to capitalize above $112.00 and declined below $110.00. ETH/USD might correct higher, but sellers are likely to protect gains above $111.50.

  • Ethereum price is currently under pressure below the $111.00 resistance level.
  • ETH/USD is about to break a trend line confluence resistance near $108.80 on the 30-minute chart.
  • The price might correct towards the $110.00 or $111.50 resistance, where sellers are likely to emerge.

Ethereum ETH Price

Ethereum Price Analysis

This past week, there was a decent upside correction in Ethereum price above the $111.00 resistance. ETH moved towards the $115.00 resistance and traded as high as $114.33 before starting a fresh decline.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair declined heavily below the $114.00 level. It broke the $112.00 and $110.00 support levels to move back in a bearish zone. Besides, there was a break below the $108.50 level and the 25 simple moving average (30-min).

The price traded as low as $107.03 and later started a short term rebound. It recently tested the 23.6% Fib retracement level of the recent drop from the $114.33 high to $107.03 low.

More importantly, the price is currently trading near a trend line confluence resistance at $108.80 on the same chart. If there is an upside break above $108.80 resistance, the price could test the next key resistance at $111.00.


However, the main resistance is near $111.50 and the 61.8% Fib retracement level of the recent drop from the $114.33 high to $107.03 low. A proper close above the $111.50 resistance will most likely clear the path for more gains towards the $114.00 and $115.00 resistance levels.

On the other hand, if the price fails to break the $110.00 or $111.50 resistance, it could resume its slide. An initial support is at $107.00, below which sellers might eye the $105.50 swing low. The main support is at $104.00, below which the price could test $100.00.

Overall, bitcoin, Ethereum and ripple are clearly struggling below key resistance levels. In the short term, ETH might attempt an upside correction, but it is likely to fail near $111.50.

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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