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Key Highlights
- ETH price declined sharply and even broke the $100 level before recovering against the US Dollar.
- There is a major bearish trend line formed with resistance at $116 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to surpass the $116 and $118 resistance levels to recover further in the near term.
Ethereum price declined to new lows against the US Dollar and bitcoin. ETH/USD spiked below the $100 level before recovering above $110.
Ethereum Price Analysis
In the weekly analysis, we discussed a sharp downside move towards $100 in ETH price against the US Dollar. The ETH/USD pair did move down and traded below the $115 and $110 supports. The price even broke the $100 level and formed a new yearly low at $98. Later, there was a decent upside correction and the price moved above $100 and $110. There was also a break above the 50% Fib retracement level of the recent decline from the $126 high to $98 low.
However, the price rallied right into a major resistance near $118. Moreover, there is a major bearish trend line formed with resistance at $116 on the hourly chart of ETH/USD. It seems like the previous support near $118 is now acting as a solid resistance. The pair also struggled to settle above the 61.8% Fib retracement level of the recent decline from the $126 high to $98 low. At the moment, the price is moving down towards $112 and is following the same bearish trend line. If there is an upside break above $116 and $118, the price could recover towards the $125-126 zone.
Looking at the chart, ETH price is clearly under a lot of pressure below $118 and $126. If it resumes its slide, there could be more losses towards $100 and $95 in the near term.
Hourly MACD – The MACD is currently in the bullish zone.
Hourly RSI – The RSI is currently placed well above the 50 level.
Major Support Level – $105
Major Resistance Level – $118
