• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Ethereum Price Analysis: ETH Remains Sell Near $128, Target $120

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis ethereum
Advertisement
  • ETH price moved into a bearish zone and settled below the $128 and $127 supports against the US Dollar.
  • The price traded towards the $122 level and it is currently consolidating losses.
  • There is a crucial bearish trend line in place with resistance at $130 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but it is likely to find a strong selling interest near $127 and $128.

Ethereum price started a major decline against the US Dollar and bitcoin. ETH/USD is following a downtrend and it could continue to move down towards the $120 and $118 levels.

Ethereum Price Analysis

Recently, we saw a downside extension below the $130 support in ETH price against the US Dollar. The ETH/USD pair gained bearish momentum and broke the $126 and $125 support levels. It even traded below the $124 level and settled well below the 100 hourly simple moving average. A new monthly low was formed near $122 and the price is currently consolidating losses. It recovered above the $124 level and the 23.6% Fib retracement level of the recent drop from the $135 swing high to $122 swing low.

However, the previous support at $127 is acting as a solid resistance. Above $127, the $128 and $129 levels are waiting to prevent gains. There is also a crucial bearish trend line in place with resistance at $130 on the hourly chart of ETH/USD. Below the trend line, the 50% Fib retracement level of the recent drop from the $135 swing high to $122 swing low is near $129. Finally, the 100 hourly simple moving average is positioned near the $131 level.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Therefore, there are many resistances on the upside, starting with $127 and ending near $131. If the price corrects higher, it is likely to find a strong selling interest near $127 and $128. Once the current consolidation/correction pattern is complete, the price may resume its decline below $124. The next key support is positioned near the $120 level. If sellers remain in action, the price could even test the $118 level in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is trading heavily in the bearish zone below the $131 resistance. There could be short-term corrective moves, but upsides remain capped below $130 and $131. On the downside, buyers are likely to take a stand near the $120 and $118 levels in the coming sessions.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back in the bearish zone.

Hourly RSI – The RSI for ETH/USD is slowly recovering, but it is still well below the 50 and 45 levels.

Major Support Level – $120

Major Resistance Level – $130

Tags: ETHethereum
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Cardano (ADA)

Charted: Cardano (ADA) Remains Strong Above 100 SMA, Why It Could Rally Again

19 hours ago
Ethereum

TA: Ethereum Recovers Above $1,600, Why ETH Could Retest $1,500

21 hours ago
Bitcoin

TA: Bitcoin Recovers From $45K, Why It Could Struggle Near $52K

23 hours ago
bitcoin bear market

This Unique Take On Bitcoin Suggests A Bear Phase Is Near

1 day ago
bitcoin

Elon Musk Trolls Peter Schiff After the Gold Bug Bashes Tesla’s Bitcoin Buy

1 day ago
Yearn.finance (YFI) is About to Pass a Pivotal Bull Level: Analyst

$100 Million Evaporated From DeFi Amid Bitcoin Drop to $45,000

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.