Ethereum Price Analysis: ETH Remains At Risk of More Losses

Ethereum price failed to correct above the $134.00 resistance area and declined vs the US Dollar. ETH to USD is showing a few bearish signs and it could continue to move down below $108.00.

Key Takeaways: ETH/USD

  • Ethereum price is trading below the key $120.80 and $125.50 resistance levels against the US Dollar.
  • ETH/USD is trading inside a major contracting triangle with support near $108.00 on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price is down more than 4% and it is likely to retest the $5,000 support area.

Ethereum Price Analysis

Recently, there was an upward move in Ethereum price above the $108.00 and $110.00 resistance levels. ETH to USD even broke the $115.00 resistance, but it struggled to continue above the $120.00 hurdle.

Ethereum Price

Looking at the 2-hours chart, Ethereum price struggled to stay above the $118.00 level. Besides, there was no convincing close above the 50% Fib retracement level of the downward move from $133.92 to $100.03.

It seems like the $120.00 region is acting as a strong barrier for the bulls along with the 50 simple moving average (2-hours, purple). Moreover, the 61.8% Fib retracement level of the downward move from $133.92 to $100.03 is acting as a resistance.

As a result, the price is showing a few negative signs and it is trading below the key $120.80 and $125.50 resistance levels. More importantly, Ethereum is trading inside a major contracting triangle with support near $108.00 on the same chart.

If there is a downside break below the trend line and the $108.00 support, there is a risk of more losses. The next key supports are near the $105.00 and $100.00 levels. If there is a clear break below the $100.00 handle, the price could tumble towards the $92.00 and $85.00 levels.

Conversely, Ethereum price must gain pace above the $118.00 and $120.00 resistance levels to start a decent upward move. The next resistance is near the $125.50 level, above which the bulls are likely to aim a test of the $134.00 resistance in the near term.

Live Ethereum (ETH) Price:

1 ETH/USD =$242.6199 change ~ -1.20%

Coin Market Cap

$26.99 Billion

24 Hour Volume

$1.43 Billion

24 Hour VWAP

$241

24 Hour Change

$-2.9215

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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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