Ethereum Price Analysis: ETH/USD’s Massive Breakdown Below $100


Key Highlights

  • ETH price seems to be approaching a massive breakdown below $100 against the US Dollar.
  • There is a crucial bearish trend line in place with resistance at $106 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to break the $100 and $95 levels in the near term if sellers remain in action.

Ethereum price is facing heavy selling pressure against the US Dollar and bitcoin. ETH/USD is likely to decline further as long as it is below $106 and $110.

Ethereum Price Analysis

Yesterday, we discussed that ETH price could test the $100 level against the US Dollar. The ETH/USD pair did trade below the $110 and $105 support levels to enter a bearish zone. There was even a close below the $105 level and the 100 hourly simple moving average. The price traded close to the $100 level and it seems like it could continue to move down. The recent low was $100 and the next immediate support is at $98.

On the upside, an initial resistance is the 23.6% Fib retracement level of the recent decline from the $112 high to $100 low. Above $103, there is a crucial bearish trend line in place with resistance at $106 on the hourly chart of ETH/USD. The trend line resistance near $105-106 is significant since it was a support earlier. Besides, the 50% Fib retracement level of the recent decline from the $112 high to $100 low is near $105. Therefore, if the price corrects highs, it could face a strong barrier near the $105 and $106 levels.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly under pressure below $105. It is likely to break the $100 and $95 levels to set the pace for more losses in the near term.

Hourly MACDThe MACD is slowly moving back in the bullish zone.

Hourly RSIThe RSI is currently positioned well below the 40 level.

Major Support Level – $95

Major Resistance Level – $106

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