Ether’s price is under heavy selling pressure against the US dollar and bitcoin. ETH/USD remains at risk of more losses below the $120.00 and $118.00 support levels.
Technically, the 2-hour chart indicators are accelerating declines in the bearish territory.
Ether Price Analysis
Yesterday, we discussed that ETH/USD could decline further below $125.00 and $124.00. The pair did move down, broke the $124.00 support, and traded to a new low below the $120.00 support.
ETH/BTC also fell sharply and traded below the 0.0290BTC support area. The decline was such that the price even declined below the 0.0285BTC support. The next support is near the 0.0280BTC level, which is a strong barrier for sellers.
Looking at the 2-hour chart of ETH/USD, the pair is following a significant bearish structure below the $140.00 support area. The pair declined below the last swing low of $124.00 and traded to a new 2018 low at $118.99.
The price faced increased selling pressure below $125.00, and the previous supports near $123.00 and $125.00 are currently acting as solid hurdles for buyers. There is also a major bearish trendline on the same chart, with resistance at $125.00.
Should there be an upside break above the $125.00 resistance, there could be more gains in the near term. The next resistance is near the $130.00 level and the 23.6 percent Fibonacci retracement level of the recent decline from the $182.85 swing high to $118.99 low.
Moving down to the 30-minute chart of ETH/USD, the pair is following a bearish trendline with resistance at $125.00 and $126.00. On the downside, an initial support is at $120.00, below which the price may slide below the $118.99 low.
Overall, Ether’s price is at risk of more losses below the $120.00 support unless buyers push the price above the $125.00 and $130.00 resistances.