weekly analysis, we discussed the key $120 and $121 supports for ETH
price against the US Dollar. The ETH/USD pair struggled to stay above the $121
support and later fell sharply. It broke the $121 and $120 support levels to
test the next support at $114.
A low was
formed around the $113.45 level and the price is currently correcting higher.
An initial hurdle is the 23.6% Fib retracement level of the recent decline from
the $128 high to $113 low.
is a break above the $117 and $118 levels, the price may trade towards the
$120-121 zone. The stated $120-121 zone was a support earlier and now it may
prevent gains. More importantly, there are two bearish trend lines formed with
resistance near $121 on the hourly chart of ETH/USD.
Additionally, the 50% Fib
retracement level of the recent decline from the $128 high to $113 low is at
$121. Therefore, if the price corrects higher towards the $120 and $121 levels,
it could find a strong selling interest. Above $121 and trend lines, the
price could recover towards the 100 hourly simple moving average.
at the chart, ETH price is under a lot of pressure below $121 and $128. If
sellers remain in action, the price will most likely slide towards the $105 or
MACD – The
MACD for ETH/USD is about to move into the bullish zone, with lack of
Hourly RSI – The
RSI for ETH/USD is currently recovering above the 30 level, but the overall
bias is still bearish.