Ethereum is currently declining and it broke the $130 support area against the US Dollar. ETH price is consolidating losses and upsides are likely to face hurdles near $128 and $130.

  • Ethereum is down around 2% and it tested the $125 support zone against the US Dollar.
  • The price is currently consolidating above $125 and it remains at a risk of more losses.
  • There is a major bearish trend line forming with resistance near $128 on the hourly chart of ETH/USD (data feed via Kraken).
  • A clear break below the $124 low could set the pace for more losses towards $120 and $118.

Ethereum Price Gaining Bearish Momentum

After struggling to stay above the $135 zone, Ethereum started a fresh decline against the US Dollar. ETH price gained bearish momentum and broke the $130 support level.

There was a close below the $128 level and the 100 hourly simple moving average. The price tested the $124-$125 support area and a low is formed near $124.

Ethereum is currently consolidating losses and trading above the $126 level. It broke the 23.6% Fib retracement level of the recent decline from the $133 high to $124 low. On the upside, there are many hurdles forming near the $128 level.

More importantly, there is a major bearish trend line forming with resistance near $128 on the hourly chart of ETH/USD. Above the trend line, the 50% Fib retracement level of the recent decline from the $133 high to $124 low is also near the $128 zone.

Ethereum Price

Ethereum Price

Therefore, the bulls are likely to face a strong selling interest near the $128 zone. The main hurdle is now near $130, above which the price could recover towards the $135 zone.

More Losses

On the downside, an initial support is near the $124-$125 area. If Ethereum dives below the $124 low, there are chances of more losses in the near term.

The next key support is near the $120 zone, where the bulls are likely to emerge. Any further losses could lead the price towards the $115 level in the coming sessions.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now moving back into the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently rising and it is approaching the 50 level.

Major Support Level – $124

Major Resistance Level – $130

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Ethereum Price Plunges to $125: Can Bulls Save the Day? was last modified: March 30th, 2020 by Aayush Jindal

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