- ETH price struggled to settle above the $108 resistance area and declined recently against the US Dollar.
- There was a break below a key bullish trend line with support at $106 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is now trading well below the $108 resistance and the 100 hourly simple moving average.
Ethereum price failed to gain momentum and moved back in a bearish zone against the US Dollar and bitcoin. ETH/USD could revisit the $102 support area in the near term.
Ethereum Price Analysis
This past week, ETH price found support near the $102 level and later recovered against the US Dollar. The ETH/USD pair traded above the $106 and $108 resistance levels. There was also a close above the $108 level and the 100 hourly simple moving average. However, the price failed to break the $110 resistance level and later started a fresh decline. It moved below the 50% Fib retracement level of the last wave from the $102 low to $110 high. Besides, there was a break…
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