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    Ethereum Price Analysis: ETH Dives 10%, $105 Next?

    Ethereum is diving and it is already down more than 10% today vs the US Dollar. ETH to USD is trading below $120.00 and it could continue to slide in the near term.

    Key Takeaways: ETH/USD

    • Ethereum price is tumbling and it broke many supports near $125.00 and $120.00 against the US Dollar.
    • ETH/USD traded below the $120.50 support and a contracting triangle on the 2-hours chart (data feed from Bitstamp).
    • Bitcoin price is down 6% and it is now trading near the $6,500 level.

    Ethereum Price Analysis

    In the past few sessions, Ethereum price accelerated its decline below the $139.90 and $132.00 support levels. ETH to USD even traded below the $128.50 support area to enter further into a bearish zone.

    Ethereum Price Analysis

    Looking at the 2-hours chart, Ethereum price even settled below the $128.50 level and the 50 simple moving average (2-hours, purple). It opened the doors for more losses below the $125.00 support.

    Recently, the price traded below the $120.50 support and a contracting triangle on the 2-hours chart. It spiked below $118.00 and traded to a new monthly low at $116.07. Ethereum price is currently consolidating above $116.00 and it is facing hurdles.

    An initial resistance is near the $118.30 level, plus the 23.6% Fib retracement level of the latest slide from $125.61 to $116.07. The first major resistance is near the $120.00 and $120.50 levels.

    Besides, the 50% Fib retracement level of the latest slide from $125.61 to $116.07 is near the $120.80 level. Therefore, a clear break above $120.80 might start a decent recovery.

    The next major resistance could be near the $124.50 and $125.00 levels. Any further gains could lift the price towards the $130.00 resistance zone or the $132.00 area.

    Conversely, the price could fail to correct above the $120.00 and $120.80 levels. In the mentioned case, Ethereum is likely to continue lower. An initial support is near the $116.00 and $115.00 levels. Any further losses might set the pace for a drop towards the $108.00 and $105.00 levels in the near term.

    Live Ethereum (ETH) Price:

    1 ETH/USD =$134.6273 change ~ 6.84%

    Coin Market Cap

    $14.85 Billion

    24 Hour Volume

    $2.4 Billion

    24 Hour VWAP

    $131

    24 Hour Change

    $9.2045

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    Avatar
    Aayush J
    Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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