- ETH price failed to bounce back and declined below the $108 and $104 supports against the US Dollar.
- Yesterday’s highlighted key bearish trend line is intact with resistance at $110 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair tested the $100 support area once and it corrected above the $104 resistance level.
Ethereum price declined heavily with bearish moves against the US Dollar and bitcoin. ETH/USD is under a lot of pressure and it seems like sellers could attempt to break $100.
Ethereum Price Analysis
Yesterday, we saw a sharp decline below the $116 and $114 support levels in ETH price against the US Dollar. The ETH/USD pair remained in a bearish zone and extended its decline below the $110 level. It even broke the $108 and $104 support levels and traded close to the $100 level. A low was formed near $101 and the price is now trading well below the 100 hourly simple moving average. After forming a low near $101, the price corrected a few points above the $103 and $104 levels.
There was a break above the 23.6% Fib retracement level of the recent drop from the $114 high to $101 low. However, the recovery was capped by the $107-108 resistance area. The price even failed to test the 50% Fib retracement level of the recent drop from the $114 high to $101 low. Moreover, yesterday’s highlighted key bearish trend line is intact with resistance at $110 on the hourly chart of ETH/USD. The current price action is bearish below $108 and it seems like there could be more losses.
Looking at the chart, ETH price might revisit the $100 and $101 support levels in the near term. If sellers remain in action for a long time, there is a risk of a breakdown below the $100 support. The next key support awaits near $95.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently in the bullish zone.
Hourly RSI – The RSI for ETH/USD bounced back from the oversold area, but it is still well below the 50 level.
Major Support Level – $101
Major Resistance Level – $108