Key Highlights
- ETH price failed to break the $119 resistance level and later declined against the US Dollar.
- There is a crucial bearish trend line in place with resistance at $113 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to extend the current decline below the $105 and $102 support levels.
Ethereum price failed to gain traction and declined against the US Dollar and bitcoin. ETH/USD could even break the $98 low and extend losses in the near term.
Ethereum Price Analysis
Yesterday, we saw a decent recovery above the $115 level in ETH price against the US Dollar. However, the ETH/USD pair failed to gain traction above the $118 and $119 resistance levels. It was rejected near the 61.8% Fib retracement level of the last drop from the $127 high to $98 low. More importantly, there was no close above $118-120 and the 100 hourly simple moving average.
The price was rejected, resulting in a fresh decline below the $115 and $110 levels. Besides, there is a crucial bearish trend line in place with resistance at $113 on the hourly chart of ETH/USD. The pair recently broke the 50% Fib retracement level of the last wave from the $98 low to $119 high. At the outset, the price is following a declining channel with resistance at $106 on the same chart. In the short term, there could be a minor upward move, but upsides are likely to be capped near $110 or $113. On the downside, an immediate support is at $102 followed by $100.
Looking at the chart, ETH price is likely to extend the current decline if sellers remain in control below $110. The price may even break the $100 and $98 levels to post new 2018 lows in the near term.
Hourly MACD – The MACD is currently in the bearish zone.
Hourly RSI – The RSI settled below the 50 level with a negative angle.
Major Support Level – $100
Major Resistance Level – $113