Key Highlights
- ETH price failed to move above the $135 and $136 levels against the US Dollar.
- There is a new key bearish trend line formed with resistance at $127 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently under pressure and it could accelerate declines below the $120 level.
Ethereum price is faced a fresh round of selling against the US Dollar and bitcoin. ETH/USD broke the $120 low and it could accelerate further losses.
Ethereum Price Analysis
Yesterday, we saw a minor upside correction in ETH price from the $122 support against the US Dollar. The ETH/USD pair corrected above the $130 and $132 levels. The price also moved above the 50% Fib retracement level of the last slide from the $145 high to $121 swing low. However, the upside, move was capped by the $135 an $136 resistance levels.
Buyers also failed to break the 61.8% Fib retracement level of the last slide from the $145 high to $121 swing low. Moreover, there is a new key bearish trend line formed with resistance at $127 on the hourly chart of ETH/USD. Clearly, the pair failed to gain momentum above the $136 level and declined. The recent downside move was such that the price broke the $124 and $122 support levels. More importantly, the price traded to fresh yearly low below $120. It seems like sellers are back and they could push the price further lower towards the $115 or $110 levels in the near term.
Looking at the chart, ETH price likely completed a short term correction from the $122 support. It failed to gain pace above key resistances near $136 and $140, resulting in a fresh decline. Buyers need to be careful considering the current market sentiment and break below $120.
Hourly MACD – The MACD is now back in the bearish zone.
Hourly RSI – The RSI is currently moving lower towards the 20 level.
Major Support Level – $110
Major Resistance Level – $130
