Key Highlights
- 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