Categories: Ethereum

Ethereum (ETH) Price Analysis: Approaching Next Crucial Break

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Ethereum price declined again and tested the $107.50 support zone. ETH/USD is currently approaching the next crucial break either above $109.00 or below $107.00.

  • Ethereum price is trading well below the $110.00 and $110.50 resistance levels.
  • ETH/USD is forming a significant breakout pattern with resistance near $109.00 on the 30-minute chart.
  • The price remains at a risk of a bearish break as long as it is trading below $110.00.

Ethereum Price Analysis

There were mostly bearish moves in Ethereum price below the $110.00 and $110.50 resistance levels. ETH declined below the $108.50 level and revisited the $107.00-107.50 support area.

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair spiked above the $110.00 resistance recently, but it failed to hold gains. During the rise, there was a break above the 23.6% Fib retracement level of the last slide from the $114.32 high to $107.00 low.

A fresh swing high was formed at $110.60 and later the price declined below the $109.00 and $108.00 levels. It seems like the price topped just below the 50% Fib retracement level of the last slide from the $114.32 high to $107.00 low.

The price tested the $107.00-107.50 support area and settled below the 25 simple moving average (30-min). It is currently trading in a tight range above the $107.00 support, with a few bearish signs on the chart.

More importantly, there is a significant breakout pattern in place with resistance near $109.00 on the same chart. If there is an upside break above $109.00 and the 25 simple moving average (30-min), the price could test the $110.50 resistance.

Above $110.00 and $110.50, the price is likely to rebound towards the $112.60 or $114.20 level in the near term. On the flip side, if there is a downside break below the $107.00-107.50 support area, sellers are likely to aim for the $101.00 and $100.00 support levels.

Therefore, the next couple of sessions could be important since Ethereum price (ETH) seems to be setting up for the next short-term break either above $109.00 or below $107.00.

The market data is provided by TradingView, Bitfinex.

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