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 MACD – The MACD is back gaining strength in the bearish zone.
Hourly RSI – The RSI is moving lower and it is currently well below the 40 level.
Major Support Level – $102
Major Resistance Level – $112
