Ethereum extended losses below the $115.00 and $110.00 supports. ETH/USD seems to be preparing for more losses towards the $100.00 level.
- Ethereum price declined below the $115.00 and $111.50 support levels.
- ETH/USD is trading below two key bearish trend lines with resistance at $109.00 and $117.00 on the 30-minute chart.
- The price is likely to break the recent low near $106.50 to test the $100.00 support.
Ethereum Price Analysis
There were further declines in Ethereum price after there was a close below the $116.00 support. The price declined below the $115.00, $111.50 and $110.00 support levels.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair settled below the $111.50 support and the 25 simple moving average (30-min). The current technical structure is very bearish as long as the price is below $111.50 and $117.00.
The recent swing low was formed at $106.87 and later the price corrected higher. However, the upside move was capped by the 23.6% Fib retracement level of the recent slide from the $120.45 high to $106.87 low.
The price declined again and even broke the $106.87 low. A new weekly low was formed near $106.50 and it seems like the price is about to extend declines. To the upside, there are two key bearish trend lines formed with resistance at $109.00 and $117.00.
If there is a break above the first trend line, $110.00, and the 25 simple moving average (30-min), there could be a recovery towards the next resistance at $113.00-113.50. It represents the previous support area and coincides with the 50% Fib retracement level of the recent slide from the $120.45 high to $106.87 low.
Therefore, an upward move towards the $113.00 or $113.50 levels is likely to face a lot of selling interest. On the downside, an initial support is near the $106.50 low, below which sellers could push Ethereum price towards $100.00. In the mentioned case, it would be interesting to see if ETH buyers can defend the crucial $100.00 support.
The market data is provided by TradingView, Bitfinex.
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