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- The price of ETHs traded below $ 114 and $ 112 allows levels to move into a bearish zone relative to the US dollar.
- A major downtrend curve was formed with resistance to USD 112 on the ETH / USD time chart (data feed via Kraken).
- The pair may correct some points higher, but it may face sellers close to the $ 112 or $ 114 level.
The Ethereum price fell sharply against the US dollar and Bitcoin. ETH / USD is now trading in a bearish zone and could continue to decline to $ 104.
Ethereum Price Analysis
In the weekly badysis, we discussed the next possible ETH price break, which is over $ 120 or less than $ 114 against the US dollar. The ETH / USD pair failed to gain ground above resistance levels at $ 116 and $ 118. As a result, there was a bearish reaction below support of $ 114. The pair even surpbaded the $ 112 support and traded well below the single 100-hour moving average. The decline was such that the price even traded below the $ 110 level and reached a new low close to $ 109.
For now, the price consolidates losses close to $ 110, with a bearish angle. Initial resistance is close to the Fib retracement level of 23.6% from the recent decline of the record high of $ 117 to $ 109. More importantly, there is a major downtrend line formed with resistance at $ 112 on the ETH / USD time chart. It will not be easy for buyers to clear the resistance of the trend line and $ 112. The next hurdle is close to the $ 113 level. This coincides with the Fib retracement level of 50% of the recent decline from the maximum of $ 117 to $ 109.
Looking at the chart, ETH prices are trading well in a bearish zone below the $ 114 and $ 112 levels. If there is an upward correction, the price should face many sellers close to $ 112, $ 113 and $ 114.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is now heavily weighted in the bearish zone.
RSI hourly – The RSI for ETH / USD is currently in the oversold zone, but without major signs of recovery.
Major Support Level – $ 104
Major resistance level – $ 112
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