Ethereum Price Analysis: ETH Breaks Down, Turned Sell on Rallies

Aayush Jindal

1 year ago

2 mins read

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ETH price traded below the $114 and $112 supports levels to move into a bearish zone against the US Dollar.
There is a major bearish trend line formed with resistance at $112 on the hourly chart of ETH/USD (data feed via Kraken).
The pair may correct higher a few points, but it likely to face sellers near the $112 or $114 level.

Ethereum price made a sharp bearish turn against the US Dollar and bitcoin. ETH/USD is now trading in a bearish zone and it could continue to move down towards $104.

Ethereum Price Analysis

In the weekly analysis, we discussed the next possible break in ETH price either above $120 or below $114 against the US Dollar. The ETH/USD pair failed to gain momentum above the $116 and $118 resistance levels. As a result, there was a bearish reaction below the $114 support. The pair even broke the $112 support and traded well below the 100 hourly simple moving average. The decline was such that the price even traded below the $110 level and formed a new low near $109.

At the moment, the price is consolidating losses near $110, with a bearish angle. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $117 high to $109 low. More importantly, there is a major bearish trend line formed with resistance at $112 on the hourly chart of ETH/USD. It won’t be easy for buyers to clear the trend line resistance and $112. The next hurdle is near the $113 level. It coincides with the 50% Fib retracement level of the recent decline from the $117 high to $109 low.

Looking at the chart, ETH price is clearly trading in a bearish zone below the $114 and $112 levels. If there is an upside correction, the price is likely to face a lot of sellers near $112, $113 and $114.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is now placed heavily in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently placed in the oversold area, but with no major sign of a recovery.

Major Support Level – $104

Major Resistance Level – $112

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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