Ethereum Price Analysis: Can ETH break $105?

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-termĀ 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.