Ethereum Price Analysis: ETH ready to fall down?

5 months ago

Technical Indicators

Support Level – $117

Resistance Level – $125

  • Ethereum price faced a lot of pressure being above the $121 and $119 support levels against the US Dollar.
  • Yesterday’s bullish pattern line was broken with support at $121 on the hourly chart of ETH/USD.
  • Now there is an interfacing bearish pattern line formed with resistance around $121.
  • Ethereum price might test the $121-122 resistance zone, where most sellers are placed.

Ethereum price chart is forecasting bearish trend against the US Dollar and bitcoin. ETH is currently at danger of falling towards the $117 or $114 support level in the short term.

Ethereum Price Analysis

EThereum price was unable to break the resistance around $125 and declined beneath the $121 and $119 support levels. The decrease led to the price falling beneath the $117 level and the 100 hourly SMA. Yesterday’s bullish pattern line was broken with support around $121 on the hourly chart of ETH/USD. Ethereum fell up to $115 support and later corrected back upwards towards $117.

The previous support levels around $121 and $122 have now turned out as obstacles. There is another interfacing bearish pattern line formed with resistance around $121. In the current situation, it appears that Ethereum price might bounce over the $121 level, but the sellers will most probably push the price downwards.

Taking a look at the chart, Ethereum price is battling beneath the $122-123 resistance zone. ETH price needs to move above the last high around $125 to proceed higher in the short term. If not, there is a danger of more declines beneath $119 and $117 in the short term.

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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