Support Level: $80
Resistance Level: $90
- Ethereum price recovered more than 2.5% in the 24-hour chart moving above the resistance at $84.
- Ethereum price is still in a bearish momentum and may fall towards the $80 support area soon.
- There is a major bearish trend line with new resistance between $86 and $89.
Ethereum price is trying to recover the huge losses but is failing to gain momentum and large whales are waiting to sell ETH above $90.
Ethereum Price Analysis
After trying to recover back above $95 last week, Ethereum price started a downfall below $90 and $85 support levels. The price even fell close to the $80 support but was able to maintain itself above this range. Ethereum price is still below the 4 hours- 100 SMA.
Ethereum price is facing hurdles while trying to recover back above $90 with the main resistance between $86 and $89. The long-term resistance, however, is above $90 where large whales are willing to sell their holdings in order to avoid further losses. According to the 24-hour chart, Ethereum price may recover above $85 up to $90 but the strong resistance above $90 would push the price downwards and ETH may test the support level near $80 in short term. The current support is quite major as the most major support after this range lies around $55. If the current support is broken, ETH may fall up to this range.
The following article is not a financial advice. The readers should do their own research and analysis before investing in any digital asset such as Ethereum.