Ethereum Price Analysis: Can ETH break $105?

8 months ago

Major Trend: Bearish

Major Support Levels: $105, $100, $53

Major Resistance Levels: $115, $120, $130

Hourly MACD: Bearish Zone

Hourly RSI: In 30-35 range

Looking at ETH/USD, ETH looks to be in a major bearish trend with a possibility of the next ICO selloff if the trend continues.

Key Highlights for ETH USD:

  1. ETH seems to be facing a strong resistance at $120 level.
  2. ETH/USD might decline further below $100 level if pressure mounts and if another ICO selloff happens, ETH/USD can reach $53 level.
  3. In summary, ETH is in the strong bearish area and needs to break above $120 with a good volume in order for the trend to reverse.

ETH has formed a short-term support around the $110 and ETH is currently trading at $112, as reported by CoinGecko. The 110$ area also represents the 61.8% FIB retracement level keeping $125 and $98.5 as 0 and 1. The sellers could gain momentum and drive the price below key support areas of $105 and eventually $100.

Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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