Ethereum price is diving below key supports versus the US Dollar and bitcoin. ETH price could continue to move down towards $125 if it fails to stay above $130.<\/p>\n
In the past few analyses and the weekly forecast, we discussed the chances of Ethereum declining to the $132 support against the US Dollar. ETH price did start a nasty declining in the past few sessions and broke many supports near $140.<\/p>\n
Moreover, there was a close below the $140 level and the 100 hourly simple moving average. It opened the doors for more losses and the price tumbled below the $135 level. Finally, it spiked below the $132 support and tested the $130 area.<\/p>\n
A new monthly low was formed near $130 and the price is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $142 high to $130 low.<\/p>\n
Besides, there is a short term contracting triangle forming with resistance near $133 on the hourly chart of ETH\/USD. Therefore, Ethereum price could either recover above $133 or extend its decline.<\/p>\n
On the upside, the next major resistance is near the $136 level. Additionally, the 50% Fib retracement level of the recent decline from the $142 high to $130 low is also near the $136 level.<\/p>\n
Having said that, the price must climb above the $138 and $140 resistance levels to move back into a positive zone. If not, there is a risk of more downsides below the $130 support area.<\/p>\n
A clear break below the $130 level will most likely open the doors for a nasty decline towards the $125 support or the $122 area in the near term.<\/p>\n
Ethereum Price<\/p>\n
Looking at the chart, Ethereum price is down more than 6% and it clearly dropped heavily after it broke the $140 support. Similarly, there could be another slide if the price fails to stay above the $130 support area.<\/p>\n
Hourly MACD The MACD for ETH\/USD is slowly reducing its bearish slope.<\/p>\n
Hourly RSI The RSI for ETH\/USD is currently in the oversold region, with no signs of a major recovery.<\/p>\n
Major Support Level $130<\/p>\n
Major Resistance Level $136<\/p>\n
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Ethereum (ETH) Nosedives To Final Bearish Target, Can It Recover? - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum price is diving below key supports versus the US Dollar and bitcoin. ETH price could continue to move down towards $125 if it fails to stay above $130. In the past few analyses and the weekly forecast, we discussed the chances of Ethereum declining to the $132 support against the US Dollar. Continue reading