Ethereum Price Weekly Analysis: ETH/USD Tumbles Toward $100

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

Author: Aayush Jindal

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