- 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
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.
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.
- DeFi’s Liquidation Volume Hits $34.33 M ATH, The Highest Since Last year’s December
- Portugal opens First Physical Store for Buying and Selling of Bitcoin
- “This Irritates Me”- Elon Musk Slams Twitter’s Integration Of NFTs
- Crypto Mayhem Grips Markets, $230 Billion Decimated In Massive Red Friday Selloff
- New York City Mayor Eric Adams to Buy Bitcoin (BTC) and Ethereum (ETH) Dips Today
- Shiba Inu (SHIB) Sagging Values To Get A Boost With New Token Burn Mechanism?
- U.S. Fed Releases New Whitepaper for CBDC Digital Dollar, Kickstarts Debate
- Crypto Market Flash Crash: Bitcoin (BTC) Down 8%, Ethereum (ETH) And Altcoins Follow
- Breaking: Twitter Integrates NFT Profile Pictures and Crypto Wallets On IOS
- El Salvador wants to give small businesses access to Bitcoin-backed loans
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?