Ethereum extended losses below the $115.00 and $110.00 supports. ETH/USD seems to be preparing for more losses towards the $100.00 level.

  • Ethereum price declined below the $115.00 and $111.50 support levels.
  • ETH/USD is trading below two key bearish trend lines with resistance at $109.00 and $117.00 on the 30-minute chart.
  • The price is likely to break the recent low near $106.50 to test the $100.00 support.

Ethereum ETH Price

Ethereum Price Analysis

There were further declines in Ethereum price after there was a close below the $116.00 support. The price declined below the $115.00, $111.50 and $110.00 support levels.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair settled below the $111.50 support and the 25 simple moving average (30-min). The current technical structure is very bearish as long as the price is below $111.50 and $117.00.

The recent swing low was formed at $106.87 and later the price corrected higher. However, the upside move was capped by the 23.6% Fib retracement level of the recent slide from the $120.45 high to $106.87 low.

The price declined again and even broke the $106.87 low. A new weekly low was formed near $106.50 and it seems like the price is about to extend declines. To the upside, there are two key bearish trend lines formed with resistance at $109.00 and $117.00.

If there is a break above the first trend line, $110.00, and the 25 simple moving average (30-min), there could be a recovery towards the next resistance at $113.00-113.50. It represents the previous support area and coincides with the 50% Fib retracement level of the recent slide from the $120.45 high to $106.87 low.

Therefore, an upward move towards the $113.00 or $113.50 levels is likely to face a lot of selling interest. On the downside, an initial support is near the $106.50 low, below which sellers could push Ethereum price towards $100.00. In the mentioned case, it would be interesting to see if ETH buyers can defend the crucial $100.00 support.

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.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply

Your email address will not be published. Required fields are marked *