Ethereum Is Down More Than 8% And It Broke The $128 Support
This past week, we saw a nice recovery in Ethereum above the $140 and $145 resistance levels against the US Dollar. ETH price even broke the $150 level, but it failed to continue higher.
A high was formed near $154 and the price started a fresh decline. There was a close below the $140 and $138 support levels, which later acted as a key hurdle for the bulls.
The price is now trading below the $130 support and the 100 hourly simple moving average. During the decline, there was a break below a major bullish trend line with support near $132 on the hourly chart of ETH/USD.
Ethereum tested the $120 support area and it is currently consolidating losses near the 23.6% Fib retracement level of the recent decline from the $137 swing high to $120 low.
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On the downside, an initial support is near the $120 level. If the bears succeed in clearing the $120 support, the price could continue to move down. An immediate support is near the $112 level, below which the price is likely to decline towards the $105 support.
On the upside, Ethereum is facing many hurdles, starting with $130. There is also a connecting bearish trend line forming with resistance near $129 on the same chart.
Besides, the 100 hourly simple moving average is also positioned near the $130 level to act as a barrier for the bulls. A successful break above the $130 barrier could lead the price towards the $135 and $138 resistance levels in the near term. The main hurdle is now near $140, above which the price is likely to turn positive.
Hourly RSI – The RSI for ETH/USD is currently correcting higher towards the 45 level.
Major Support Level – $120
Major Resistance Level – $130
Ethereum Is Down More Than 8% And It Broke The $128 Support – Source: https://www.newsbtc.com
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