- ETH price is under a lot of pressure and declined below $ 125 and $ 115 against the US Dollar.
- There is a crucial bearish trend line formed with resistance at $ 115 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair could even break the $ 100 support level if sellers remain in action in the near term.
Ethereum price fell significantly versus the US Dollar and Bitcoin. ETH/USD is likely to test the $ 100 support level considering the current price action.
Ethereum Price Analysis
The past few sessions were very bearish below the $ 130 level in ETH price against the US Dollar. The ETH/USD pair started a fresh decline from the $ 130 swing high and dropped more than 10%. The decline was such that the price broke the $ 120 and $ 110 levels as well. The price is now trading well below the $ 120 level and the 100 simple moving average (4-hours).
Sellers pushed the price in a nasty bearish zone below $ 110. A new yearly low was formed at $ 105 and it seems like the current downtrend is not over. The price is likely to accelerate declines below $ 105 in the near term. The next support is at $ 100, below which sellers could push the price towards the $ 90 level. On the upside, an initial resistance is at the 23.6% Fib retracement level of the last decline from the $ 145 high to $ 105 low. There is also a crucial bearish trend line formed with resistance at $ 115 on the 4-hours chart of ETH/USD. Above the trend line, the next major resistance for buyers is near the $ 122 level.
The above chart indicates that ETH price clearly struggling a lot below $ 120. There are high chances of a downside break below $ 100 in the near term. On the upside, resistances are seen near $ 115 and $ 122.
4-hours MACD – The MACD is placed heavily in the bearish zone.
4-hours RSI – The RSI is currently near the extreme oversold zone.
Major Support Level – $ 100
Major Resistance Level – $ 122
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