Ethereum Price Analysis: ETH/USD Could Revisit $100

Key Highlights

  • ETH price failed to break the $113-114 resistance and declined again against the US Dollar.
  • This week’s followed bearish trend line is still in place with resistance at $112 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of more losses below the $105 and $102 support levels.

Ethereum price struggled to clear important hurdles against the US Dollar and bitcoin. ETH/USD may slide further below the $105 level in the near term.

Ethereum Price Analysis

Yesterday, we discussed that upsides remain capped near $114-115 in ETH price against the US Dollar. The ETH/USD pair failed to break the $113-114 resistance zone and resumed its decline. Earlier, there was a decent recovery from the $105 support level. The price climbed above the $110 level to stage a recovery. It also climbed above the 23.6% Fib retracement level of the last slide from the $118 swing high to $104 low.

However, the upside move was capped by the $113-114 resistance zone. The price also failed to settle above $112 and the 100 hourly simple moving average. Besides, the price was rejected near the 50% Fib retracement level of the last slide from the $118 swing high to $104 low. A fresh decline is underway and the price is currently trading below $107. On the downside, the next major support is at $102, below which the price may perhaps revisit the $100 level. On the upside, this week’s followed bearish trend line is still in place with resistance at $112 on the hourly chart of ETH/USD.

Looking at the chart, ETH price is back in a bearish zone below $110. As long as there is no close above the 100 hourly SMA and $115, the price remains at a risk of more losses.

Hourly MACDThe MACD is back gaining strength in the bearish zone.

Hourly RSIThe RSI is moving lower and it is currently well below the 40 level.

Major Support Level – $102

Major Resistance Level – $112

Author: Aayush Jindal

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