Ethereum (ETH) Price Analysis: Will Ethereum Drop Beneath This Triangle And Head Back To $110?

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Ethereum (ETH) Price Analysis: Will Ethereum Drop Beneath This Triangle And Head Back To $110?

  • Ethereum witnessed a 5.6% price decline over the past 24 hours of trading as the coin drops beneath $130 again.
  • It has been trading within an ascending triangle formation for the past 2 weeks but might fall out of it soon.

Ethereum witnessed a 5.6% price decline over the past 24-hours of trading as the cryptocurrency dropped from the $140 resistance level to reach the current trading price of $128.71. This price decline is largely driven by the fact that Bitcoin dropped by 6% as it falls beneath $6,250.

Ethereum has been trading within an ascending triangle pattern over the past 2-weeks and is now verging on breaking beneath the triangle. If it does break below, it is likely to send Ethereum back toward the $110 level.

Ethereum Price Analysis

ETH/USD – Daily CHART – SHORT TERM

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ETH/USD. Source: TradingView

Market Overview

Taking a look at the daily chart above, we can see that Ethereum was struggling at the $140 level for the past 4-days straight as it failed to break the upper boundary of the triangle. The cryptocurrency has since fallen but has managed to find support at the bottom boundary of the triangle.  

Short term prediction: NEUTRAL

Ethereum can be considered as neutral in the short term as it is trading within a period of consolidation. However, if it does drop beneath the triangle we can expect the short term market condition to turn bearish once again.

If the sellers push ETH beneath the triangle, the first level of support lies at $120. This is followed by support at $110,  $105, $102, and $100. Beneath $100, support lies at $92.85 (downside 1.414 Fib Extension), $90, and $80.

On the other hand, if the bulls can rebound from the bottom of the triangle, the first level of resistance is located at $135. This is followed by resistance at the upper boundary of the triangle at $140. Following this, added resistance is found at $152 (bearish .382 Fibonacci Retracement level), and $160. 

Key Levels

Support: $120, $116, $110, $104, $100, $92.85, $80, $76..

Resistance:, $135, $140, $150, $152, $160, $171, $176, $180, $191, $200, $205, $210, $213, $220, $227.

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Ethereum (ETH) Price Analysis: Will Ethereum Drop Beneath This Triangle And Head Back To $110?
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Ethereum (ETH) Price Analysis: Will Ethereum Drop Beneath This Triangle And Head Back To $110?
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Ethereum witnessed a 5.6% price decline over the past 24 hours of trading as the coin drops beneath $130 again. It has been trading within an ascending triangle formation for the past 2 weeks but might fall out of it soon.
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Author: Yaz Sheikh

Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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Yaz Sheikh 182 Articles

Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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