Ethereum price tumbled recently and broke the $125.00 support. ETH/USD is currently correcting higher, but sellers remain in control below $125.00 and $130.00.

  • Ethereum price declined heavily and settled below the $125.00 support level.
  • ETH/USD is currently following a short term ascending channel with support at $119.00 on the 30-minute chart.
  • The price is likely to face sellers near the $122.00 and $125.00 resistance levels.

Ethereum ETH Price

Ethereum Price Analysis

After a sharp decline, Ethereum price started trading in a range above the $125.00 support. ETH consolidated for a few sessions, but buyers failed to gain strength above the $130.00 resistance, resulting in additional declines.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair broke the $125.00 support area and declined below the $120.00 support. It even settled below the $125.00 support and traded to a new monthly low at $116.09.

Presently, the price is correcting higher and moved above the $118.00 level and the 25 simple moving average (30-min). Buyers pushed the price above the 23.6% Fib retracement level of the recent slide from the $128.06 high to $116.09 low.

However, there are many hurdles for buyers near the $122.00, $123.50 and $125.00 resistance levels. An initial resistance is $122.00 and the 50% Fib retracement level of the recent slide from the $128.06 high to $116.09 low.

A clear break above the $122.00 and $123.50 resistance levels may push the price towards the $125.00 barrier (the previous support area). It seems like the $125.00 resistance is likely to act as a strong sell zone in the near term.

At the outset, there is a short term ascending channel formed with support at $119.00 on the same chart. If there is a downside break below the channel support, the price may resume its decline below the $116.09 low.

Overall, Ethereum price is slowly recovering, but upsides remain capped near $122.00 and $125.00. As long as ETH is trading below the $125.00 and $130.00 resistance, it remains in a bearish trend. The next key support below $116.00 it at $110.00 and $108.00.

The market data is provided by TradingView, Bitfinex.

Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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One Comment

  1. What is the purpose of this write up? Ethereum in my knowledge (limited sorry) is a holding coin, therefore investors ideally would buy in and hold on a longer term if you’re interested in making money on your purchase.

    Reply

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