Ethereum Price Analysis: ETH/USD Extending Declines Below $120

Key Highlights

  • ETH price failed to move above the $ 135 and $ 136 levels against the US Dollar.
  • There is a new key bearish trend line formed with resistance at $ 127 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently under pressure and it could accelerate declines below the $ 120 level.

Ethereum price is faced a fresh round of selling against the US Dollar and bitcoin. ETH/USD broke the $ 120 low and it could accelerate further losses.

Ethereum Price Analysis

Yesterday, we saw a minor upside correction in ETH price from the $ 122 support against the US Dollar. The ETH/USD pair corrected above the $ 130 and $ 132 levels. The price also moved above the 50% Fib retracement level of the last slide from the $ 145 high to $ 121 swing low. However, the upside, move was capped by the $ 135 an $ 136 resistance levels.

Buyers also failed to break the 61.8% Fib retracement level of the last slide from the $ 145 high to $ 121 swing low. Moreover, there is a new key bearish trend line formed with resistance at $ 127 on the hourly chart of ETH/USD. Clearly, the pair failed to gain momentum above the $ 136 level and declined. The recent downside move was such that the price broke the $ 124 and $ 122 support levels. More importantly, the price traded to fresh yearly low below $ 120. It seems like sellers are back and they could push the price further lower towards the $ 115 or $ 110 levels in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price likely completed a short term correction from the $ 122 support. It failed to gain pace above key resistances near $ 136 and $ 140, resulting in a fresh decline. Buyers need to be careful considering the current market sentiment and break below $ 120.

Hourly MACDThe MACD is now back in the bearish zone.

Hourly RSIThe RSI is currently moving lower towards the 20 level.

Major Support Level – $ 110

Major Resistance Level – $ 130

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