Ethereum price failed to capitalize above $112.00 and declined below $110.00. ETH/USD might correct higher, but sellers are likely to protect gains above $111.50.
- Ethereum price is currently under pressure below the $111.00 resistance level.
- ETH/USD is about to break a trend line confluence resistance near $108.80 on the 30-minute chart.
- The price might correct towards the $110.00 or $111.50 resistance, where sellers are likely to emerge.
Ethereum Price Analysis
This past week, there was a decent upside correction in Ethereum price above the $111.00 resistance. ETH moved towards the $115.00 resistance and traded as high as $114.33 before starting a fresh decline.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair declined heavily below the $114.00 level. It broke the $112.00 and $110.00 support levels to move back in a bearish zone. Besides, there was a break below the $108.50 level and the 25 simple moving average (30-min).
The price traded as low as $107.03 and later started a short term rebound. It recently tested the 23.6% Fib retracement level of the recent drop from the $114.33 high to $107.03 low.
More importantly, the price is currently trading near a trend line confluence resistance at $108.80 on the same chart. If there is an upside break above $108.80 resistance, the price could test the next key resistance at $111.00.
However, the main resistance is near $111.50 and the 61.8% Fib retracement level of the recent drop from the $114.33 high to $107.03 low. A proper close above the $111.50 resistance will most likely clear the path for more gains towards the $114.00 and $115.00 resistance levels.
On the other hand, if the price fails to break the $110.00 or $111.50 resistance, it could resume its slide. An initial support is at $107.00, below which sellers might eye the $105.50 swing low. The main support is at $104.00, below which the price could test $100.00.
Overall, bitcoin, Ethereum and ripple are clearly struggling below key resistance levels. In the short term, ETH might attempt an upside correction, but it is likely to fail near $111.50.
The market data is provided by TradingView, Bitfinex.
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