- Ethereum price faces growing resistance towards $120.
- A symmetrical triangle breakout coupled with extended losses under $115 could push ETH/USD to $100.
Ethereum price inability to sustain gains above $120 is putting it a risk of freefalling to $100. The path of least resistance remains downwards although all the top three cryptocurrencies are showing signs of stability. Attempts to break above the seller congestion zone at $120 fizzled out at $118.44 (intraday high). ETH/USD has explored levels slightly under $115 support forming an intraday low at $114.38.
The prevailing trend remains strongly bearish but the low volatility means that fast movements downwards are unlikely in the current session. The 1-hour chart shows Ether trading between a resistance and support moving average. Whereby the 100 SMA is capping gains at $120 while the 50 SMA is in line to offer support at $114.93.
A triangle breakout is likely in the coming sessions. Unfortunately, it could result in more losses targeting the $100 support especially if the RSI continues with the downward motion under the average (50). At the same time, if support at $114 - $115 holds, Ethereum could remain stable and allow the bulls to gather the strength to overcome the hurdles at $120.
Key support and resistance areas
Support 1: $111 – Highlighted by the 161.8% Fibonacci one-minute.
Support two: $102.21 – The previous year low.
Resistance: $118 – Previous high 4-hour, Fibo 23.6% one-day and the pivot point one-month support two.
Resistance two: $122 – Previous high one-day, pivot point one-day and resistance one.
ETH/USD 1-hour chart
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A symmetrical triangle breakout coupled with extended losses under $115 could push ETH/USD to $100.
Ethereum price inability to sustain […]