Technically, the 12-hour chart indicators moved sharply into bearish territory.
Ether Price Analysis (ETH)
In the past three sessions, there was a sharp rise in selling interest for ETH/USD. The pair declined heavily and broke the $130.00 and $126.00 support levels to move into a bearish zone.
ETH/BTC also extended losses and broke key supports such as 0.0342BTC and 0.0340BTC. The pair is clearly struggling and could revisit the 0.0332BTC support level in the coming sessions.
Looking at the 12-hour chart of ETH/USD, the pair resumed its decline below the $135.00 and $130.00 support levels. It seems to be following a bearish trendline, with current resistance at $137.00. To the downside, there is a strong support area between $120.00-125.00.
Should Ether break the $120.00 support area, it could decline toward the next key support at $115.00 and $112.00. Additionally, the 76.4 percent Fibonacci retracement level of the upward move from the $101.05 low to $167.41 high is near $116.00.
Therefore, there is a cluster of supports between the $112.00 and $125.00 levels. Ether’s price is likely to find strong buying interest if it continues to decline toward $120.00 or $112.00.
Moving down to the 30-minute chart of ETH/USD, the pair traded to a new weekly low at $123.34 but is currently correcting higher. On the upside, there is a strong resistance formed near $127.00 and a bearish trendline at $127.50.
To start a decent rebound, Ether buyers need to clear the $127.50 resistance. Having said that, the main resistance could be $130.00 (the previous support), above which the price is likely to accelerate toward the $135.00 resistance.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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Technically, the 12-hour chart indicators moved sharply into bearish territory. Ether Price Analysis (ETH)
In the past three sessions, there was a sharp rise in selling interest […]