Key Highlights
- ETH price declined heavily after it failed to break the $125 resistance against the US Dollar.
- There is a crucial bearish trend line formed with resistance at $101 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair may correct higher, but is likely to face sellers near the $99, $100 and $101 resistances.
Ethereum price declined heavily this past week versus the US Dollar and Bitcoin. ETH/USD remains in a downtrend as long as it is below $100 and $114.
Ethereum Price Analysis
This past week, ETH price was rejected near the $125-126 resistance zone against the US Dollar. The ETH/USD pair started a significant downside move and traded below the $110, $105 and $100 support levels. There was even a close below $105 and the 100 simple moving average (4-hours). Sellers pushed the price below the $100 and $90 levels. A new yearly low was formed near $80 and later the price corrected higher.
There was a decent correction above the $90 resistance. The price moved above the 23.6% Fib retracement level of the last decline from the $125 high to $80 low. However, the upside correction was capped near the $103-104 area. Moreover, the 50% Fib retracement level of the last decline from the $125 high to $80 low prevented gains. There is also a crucial bearish trend line formed with resistance at $101 on the 4-hours chart of ETH/USD. The pair retreated and moved back below the $100 level. It is currently near $90 and it seems like upsides remain capped near $96 and $99.
The above chart indicates that ETH price is in a major downtrend below the $105 and $114 levels. If the price continues to move down, it could even break the $80 swing low. The next key support is at $72 and $65.
4-hours MACD – The MACD is slowly moving in the bullish zone.
4-hours RSI – The RSI has recovered above the 40 level.
Major Support Level – $80
Major Resistance Level – $101
Author: Aayush Jindal
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