technical analysis ethereum

Ethereum Price Analysis: ETH Resumes Decline, Can $100 Hold Losses?

Avatar Aayush Jindal 11 months ago
  • ETH price failed to hold gains above the $105 level and declined sharply against the US Dollar.
  • There was a break below a major bullish trend line with support at $105 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might correct higher in the short term, but the $106 and $107 levels are likely to prevent gains.

Ethereum price started a fresh decline against the US Dollar and bitcoin. ETH/USD is still at a risk of a major downside break if the $100 support fails to hold.

Ethereum Price Analysis

After a decent upside correction, ETH price faced a strong resistance near the $110 level against the US Dollar. The ETH/USD pair topped near the $111 level and started a fresh decline. It broke the $107 support to enter a bearish zone. Later, buyers were able to push the price below the 50% Fib retracement level of the last leg from the $101 low to $111 high. More importantly, there was a break and close below $105 plus the 100 hourly simple moving average.

During the decline, there was a break below a major bullish trend line with support at $105 on the hourly chart of ETH/USD. The pair is now trading in a bearish zone below the $105 level and the 100 hourly SMA. An initial support is near the $103 level. It coincides with the 76.4% Fib retracement level of the last leg from the $101 low to $111 high. If the price fails to stay above the $103 level, there is a risk of a drop to $101. The main support remains at $100, below which sellers are likely to take control.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price might correct higher in the short term, but there are many hurdles on the upside near $106. The key resistance is near the $107 level and the 100 hourly SMA, above which the price may retest $110.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD has moved back in the bearish zone.

Hourly RSIThe RSI for ETH/USD declined and moved below the 50 level, with a bearish angle.

Major Support Level – $101

Major Resistance Level – $107

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