Ethereum price made a sharp bearish turn against the US Dollar and bitcoin. ETH\/USD is now trading in a bearish zone and it could continue to move down towards $104.<\/p>\n
In the weekly analysis, we discussed the next possible break in ETH price either above $120 or below $114 against the US Dollar. The ETH\/USD pair failed to gain momentum above the $116 and $118 resistance levels. As a result, there was a bearish reaction below the $114 support. The pair even broke the $112 support and traded well below the 100 hourly simple moving average. The decline was such that the price even traded below the $110 level and formed a new low near $109.<\/p>\n
At the moment, the price is consolidating losses near $110, with a bearish angle. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $117 high to $109 low. More importantly, there is a major bearish trend line formed with resistance at $112 on the hourly chart of ETH\/USD. It wont be easy for buyers to clear the trend line resistance and $112. The next hurdle is near the $113 level. It coincides with the 50% Fib retracement level of the recent decline from the $117 high to $109 low.<\/p>\n<\/p>\n
Looking at the chart, ETH price is clearly trading in a bearish zone below the $114 and $112 levels. If there is an upside correction, the price is likely to face a lot of sellers near $112, $113 and $114.<\/p>\n
Hourly MACD The MACD for ETH\/USD is now placed heavily in the bearish zone.<\/p>\n
Hourly RSI The RSI for ETH\/USD is currently placed in the oversold area, but with no major sign of a recovery.<\/p>\n
Major Support Level $104<\/p>\n
Major Resistance Level $112<\/p>\n
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Ethereum Price Analysis: ETH Breaks Down, Turned Sell on ...<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum price made a sharp bearish turn against the US Dollar and bitcoin. ETH\/USD is now trading in a bearish zone and it could continue to move down towards $104. In the weekly analysis, we discussed the next possible break in ETH price either above $120 or below $114 against the US Dollar Continue reading