Ethereum Price Analysis: ETH resumes its decline, losses of $ 100 can be retained?

• The price of ETHs failed to keep its gains above the USD 105 level and fell sharply against the US dollar.
• There was a break below a major uptrend line with support at $ 105 on the ETH / USD time chart (data feed via Kraken).
• The pair could correct higher in the near term, but the levels of $ 106 and $ 107 are likely to prevent gains.

The price of Ethereum has started a new decline against the US dollar and Bitcoin. The ETH / USD still risks a significant drop if the $ 100 support does not hold.

Ethereum Price Analysis

After a decent upward correction, the price of ETHs has come up against a strong resistance close to the level of 110 USD against the US dollar. The ETH / USD has surpbaded the $ 111 level and has begun a further decline. He broke the support of $ 107 to enter a bearish zone. Later, buyers were able to move the price below the Fib retracement level by 50% from the last step, from $ 101 to $ 111. More importantly, there was a break-up and a close below $ 105 plus the single 100-hour moving average.

During the decline, there was a break below a major uptrend line with support at $ 105 on the ETH / USD time chart. The pair is now trading in a bearish zone below the $ 105 level and the ADM every 100 hours. Initial support is close to the $ 103 level. It coincides with the Fib retracement level of 76.4% from the last stage, from the lowest amount of $ 101 to $ 111. If the price fails to stay above the $ 103 level, there is a risk of falling to $ 101. The main support remains at $ 100, below which sellers are likely to take control.

Looking at the chart, the price of ETH could correct higher in the near term, but there are many upside obstacles near $ 106. The key resistance is close to the $ 107 level and the SMA every 100 hours, above which the price can test $ 110 again.

ETH Technical Indicators

Hourly MACD – The MACD for ETH / USD has returned to the bearish zone.

RSI hourly – The RSI for ETH / USD fell below the 50 level, with a bearish angle.

Major Support Level – $ 101

Major resistance level – $ 107