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.