Ethereum price failed to gain strength above $122.00 and declined recently. ETH/USD is currently holding the $106.50 support, which could place an important role.
- Ethereum price struggled to settle above the $121.00 and $122.00 resistances.
- ETH/USD is still facing a major bearish trend line with resistance at $117.00 on the 30-minute chart.
- The price must stay above the $106.00 support area to climb higher in the short term.
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Ethereum Price Analysis
Yesterday, we discussed a few resistances near the $120.00 and $123.00 levels for Ethereum price. Buyers struggled to surpass the $120.00 and $122.00 levels, resulting in a fresh decline.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair was clearly rejected near the $121.00 level. Sellers pushed the price back below the $120.00 level and the 25 simple moving average (30-min).
During the decline, the price also broke the $115.00 support and the 50% Fib retracement level of the last wave from the $102.95 low to $123.54 high. It cleared the path for sellers to take control and the price tested the $106.50 support area.
Buyers protected declines below $106.50 and later the price recovered a few points. It recently broke a contracting triangle pattern with resistance at $108.00 on the same chart.
An immediate resistance is the 23.6% Fib retracement level of the recent decline from the $120.89 high to $106.04 low. If there is a break above the $110.00 level, the price could climb towards the next major resistance at $115.00.
More importantly, there is a major bearish trend line in place with resistance at $117.00 on the same chart. Therefore, a proper close above $117.00 and $120.00 is must for buyers to gain strength in the near term.
On the flip side, if Ethereum buyers fail to push the price above the $115.00 resistance, there could be a fresh decline in ETH/USD. On the downside, the key support is at $106.00, below which sellers may even push the price below the $102.96 low.
The market data is provided by TradingView, Bitfinex.
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