Can Ethereum Sellers Keep The Decrease Going Below $125?

Aayush Jindal

1 year ago

2 mins read

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Ethereum is slowly moving down and it recently broke the $125 support against the US Dollar.
The price is now facing a couple of key hurdles near the $126 and $128 levels.
Yesterday’s key bearish trend line is active with resistance near $127 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin is currently consolidating near the $7,200 support area, with a minor bearish angle.

Ethereum price is slowly moving into a bearish zone versus the US Dollar and bitcoin. ETH price remains at a risk of more losses as long as it is below $130.

Ethereum Price Analysis

After struggling to stay above the $130 support, Ethereum price extended its decline against the US Dollar. ETH price broke the $128 and $126 support levels to move into a short term bearish zone.

Moreover, the price broke the $125 support and the 100 hourly simple moving average. It traded to a new intraday low near $123 and it is currently correcting higher.

There was a break above the 23.6% Fib retracement level of the recent slide from the $130 high to $123 low. However, the price is facing a couple of key hurdles near the $126 and $128 levels.

Besides, the 50% Fib retracement level of the recent slide from the $130 high to $123 low is near the $126 level. More importantly, yesterday’s key bearish trend line is active with resistance near $127 on the hourly chart of ETH/USD.

The trend line is also close to the 100 hourly SMA near $127. Therefore, a successful close above the $126 and $128 levels is needed for a decent recovery. Additionally, the price could start a strong rise if it clears the $130 resistance area.

On the other hand, the price might fail to recover above the $128 and $130 resistance levels. In the mentioned case, there is a risk of more losses below the $123 low.

An initial support is near the $122 level, below which there are chances of more downsides below the $120 support area. The next major buy zone is seen near the $116 and $115 levels.

Looking at the chart, Ethereum price is slowly turning bearish below the $128 and $130 levels. As long as there is no close above the $130 level, there is a risk of a downside extension below the $120 support. If not, it could rally towards $135 and $140.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 40 level, with a few positive signs.

Major Support Level – $122

Major Resistance Level – $128

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.

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