- Ethereum is down 5% again today and it broke the $130 support area against the US Dollar.
- The price is now trading near key support levels such as $120 and $122.
- There is a short term bearish trend line forming with resistance near $126 on the hourly chart of ETH/USD (data feed via Kraken).
- The price could start a decent recovery towards $130 or even $135 as long as it is above $120.
- Similarly, bitcoin dived more than 4% and tested the $6,600-$6,500 support area.
Ethereum price is trading near major supports after a strong decline versus the US Dollar, similar to bitcoin. ETH price must stay above $120 to start a solid recovery.
Ethereum Price Analysis
There were additional losses witness in Ethereum below the $130 support area against the US Dollar. It seems like all bearish targets as discussed in the weekly forecast for ETH price were achieved such as $132 and $125.
Moreover, the price gained bearish momentum below the $125 support and settled well below the 100 hourly simple moving average. It opened the doors for more losses and the price traded towards the key $122 and $120 support levels.ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting higher and moving towards the 40 level.
Major Support Level – $120 Major Resistance Level – $126