Ethereum price declined heavily from the $163.50 swing high and traded below $140.00. ETH/USD is currently holding the $125.00 support, but buyers seem to be struggling.
- Ethereum price is facing a lot of hurdles near the $134.00 and $144.00 resistances.
- ETH/USD is following a short term declining channel with resistance near $134.00 on the 30-minute chart.
- The price may decline further if buyers fail to defend the $124.00 and $120.00 support levels.
Ethereum Price Analysis
This past week, we saw a solid upward move above the $150.00 barrier in Ethereum price. The price even cleared the $160.00 resistance and formed a new monthly high at $163.50.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair started a major downside move from the $163.50 high. Sellers took control and pushed the price below the $155.00, $150.00 and $142.00 support levels.
There was even a close below the $140.00 support and the 25 simple moving average (30-min). The price traded as low as $124.50 and later started trading in a range. There was a short term correction above the $138.00 and $140.00 levels.
Buyers pushed the price above the 23.6% Fib retracement level of the recent decline from the $163.50 high to $124.41 low. However, they struggled to gain pace above the $140.00 resistance and the 25 SMA.
Besides, there was no proper test of the 50% Fib retracement level of the recent decline from the $163.50 high to $124.41 low. ETH/USD traded as high as $141.65 recently and later declined below $140.00 and $138.00.
At the moment, the price is following a short term declining channel with resistance near $134.00 on the same chart. If the price breaks the channel resistance, there is a chance of an upward move towards the $140.00 and $144.00 resistance levels.
On the other hand, a downside break below the $124.50 low in Ethereum price may clear the path for more losses. The next key support is at $118.00, below which ETH could tumble and test the $100.00 support area.
The market data is provided by TradingView, Bitfinex.
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