- ETH price declined further and broke the $121 support area against the US Dollar.
- There are two bearish trend lines formed with resistance near $121 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may correct higher in the short term, but it remains a sell near the $120 and $121 levels.
Ethereum price extended losses and declined below key supports against the US Dollar and bitcoin. ETH/USD may continue to move down and it could even test the $100 handle.
Ethereum Price Analysis
In the weekly analysis, we discussed the key $120 and $121 supports for ETH price against the US Dollar. The ETH/USD pair struggled to stay above the $121 support and later fell sharply. It broke the $121 and $120 support levels to test the next support at $114. A low was formed around the $113.45 level and the price is currently correcting higher. An initial hurdle is the 23.6% Fib retracement level of the recent decline from the $128 high to $113 low.
If there is a break…
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