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.
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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