Support Level: $86
Resistance Level: $95
Key Points
- Ethereum price showed a temporary recovery above $90 level.
- There is a major bearish trend line formation near the key resistance of $95.
- Ethereum price may start to fall below $90 with the major support near $86.
Ethereum price showed temporary bullish momentum with the major selling pressure above $95. The price may start a downward momentum with a bearish trend line formed at $95 resistance which may push the price down from $90 level.
Ethereum Price Analysis
Ethereum price showed a decent bullish momentum above $90. While trying to move upwards ETH faced selling pressure near resistance between $95 and $98 which pushed the price downwards. The major support level is formed near $86. If the support is broken due to the selling pressure then Ethereum price may fall down below $80 soon.
Looking at the 24-hour chart, Ethereum price showed temporary bullish momentum but failed to break the resistance due to selling pressure. Ethereum is currently trading around $94 (at the time of publishing). The price will likely try to break the resistance at $95 again which is quite strong and may push the price downwards again to test the support at $86. Once the support is broken, the price will likely fall below $80.
