HomeAltcoin NewsEthereum Price Analysis: ETH Primed To Revisit 2018 Low

Ethereum Price Analysis: ETH Primed To Revisit 2018 Low

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  • Ethereum price failed to hold the $114 support and declined heavily below $110 against the US Dollar.
  • ETH is trading below a major bearish trend line with resistance at $112 on the 4-hours chart (data feed from Coinbase).
  • The price is currently under a lot of pressure and it may slide below $100 and $90 in the near term.

Ethereum price settled below the key $120 and $114 supports against the US Dollar. ETH may now accelerate losses below $100 and it could revisit the 2018 low.

Ethereum Price Analysis

In the past few days, sellers remained in action below $130 in Ethereum price against the US Dollar. The ETH/USD pair broke the key $120 and $114 support levels to move into a major downtrend. The price even broke the $111 support and settled below the 55 simple moving average (4-hours). It has opened the doors for more losses below $110. A low was formed at $101 recently before the price corrected a few points. It moved above $105 and the 23.6% Fib retracement level of the last slide from the $118 swing high to $101 swing low.

However, buyers failed to gain pace above the $106 level. The price failed to correct towards the $110 level and the 50% Fib retracement level of the last slide from the $118 swing high to $101 swing low. There is also a major bearish trend line in place with resistance at $112 on the 4-hours chart. Therefore, the price is likely to find a strong selling interest near $109, $110 and $112 levels. To start a decent uptrend, the price must break $114 and the 55 simple moving average (4-hours). If not, there is a risk of a sharp drop below the $100 support area.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly at a risk of more losses below $101 and $100. The next stop for sellers could be near the 2018 low at $82.

Technical indicators

4-hours MACD – The MACD for ETH/USD is placed strongly in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently placed below the 30 level.

Key Support Level – $100

Key Resistance Level – $114

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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