{"id":368710,"date":"2019-01-21T04:08:52","date_gmt":"2019-01-21T04:08:52","guid":{"rendered":"https:\/\/wncen.com\/?p=368710"},"modified":"2024-06-11T13:08:02","modified_gmt":"2024-06-11T13:08:02","slug":"ethereum-price-analysis-eth-sinks-below-key-support-could-extend-losses","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-price-analysis-eth-sinks-below-key-support-could-extend-losses\/","title":{"rendered":"Ethereum Price Analysis: ETH Sinks Below Key Support, Could Extend Losses"},"content":{"rendered":"<ul>\n<li>ETH price failed to gain strength and declined heavily below the $118 support against the US Dollar.<\/li>\n<li>There is a major bearish trend line formed with resistance at $121 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair remains at a risk of more losses as long as it is trading below the $119 and $121 resistances.<\/li>\n<\/ul>\n<p><em>Ethereum price declined heavily in the past few hours against the US Dollar and bitcoin. ETH\/USD settled below $120 and it may continue to decline towards $110 or $106.<\/em><\/p>\n<h2>Ethereum Price Analysis<\/h2>\n<p>After a decent recovery, ETH price faced a <a href=\"https:\/\/wncen.com\/2019\/01\/20\/ethereum-price-weekly-analysis-eth-facing-uphill-task-near-128\/\" target=\"_blank\" rel=\"noopener \">strong selling interest<\/a> above the $125 level against the US Dollar. The ETH\/USD pair formed a top near the $126 level and later started a sharp decline. It broke the $122 support and the 100 hourly simple moving average. The decline was crucial since the price broke the $120 and $118 support levels to move into a bearish zone. Sellers even pushed the price below the $115 level and a new weekly low was formed near the $113 level.<\/p>\n<p>Later, the price started consolidating losses above $113 and corrected a few points higher. It moved above the 23.6% Fib retracement level of the recent decline from the $124 high to $113 swing low. However, the previous support near the $118 level is acting as a strong resistance. Moreover, the 50% Fib retracement level of the recent decline from the $124 high to $113 swing low is positioned near $118. More importantly, there is a <a href=\"https:\/\/wncen.com\/2019\/01\/18\/ethereum-price-analysis-eth-could-rally-if-116-support-holds\/\" target=\"_blank\" rel=\"noopener \">major bearish trend line<\/a> formed with resistance at $121 on the hourly chart of ETH\/USD.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-368711\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-16.png?resize=1828%2C869\" alt=\"Ethereum Price Analysis ETH Chart\" width=\"1828\" height=\"869\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-16.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-16.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-16.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-16.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-16.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-16.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-16.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a>, ETH price clearly moved into a bearish zone below $120 and the 100 hourly simple moving average. As long as it is trading below $118 and $120, there is a risk of more losses. The next supports are at $110 and $106.<\/p>\n<h2>ETH Technical Indicators<\/h2>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is slowly moving in the bullish zone, but with a bearish bias.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is currently recovering above the 25 level, with a positive angle.<\/p>\n<p>Major Support Level \u2013 $113<\/p>\n<p>Major Resistance Level \u2013 $121<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ETH price failed to gain strength and declined heavily below the $118 support against the US Dollar. There is a major bearish trend line formed with resistance at $121 on the hourly chart of ETH\/USD (data feed via Kraken). The pair remains at a risk of more losses as long as it is trading below the $119 and $121 resistances. Ethereum price declined heavily in the past few hours against the US Dollar and bitcoin. ETH\/USD settled below $120 and it may continue to decline towards $110 or $106. Ethereum Price Analysis After a decent recovery, ETH price faced a strong selling interest above the $125 level against the US Dollar. The ETH\/USD pair formed a top near the $126 level and later started a sharp decline. It broke the $122 support and the 100 hourly simple moving average. The decline was crucial since the price broke the $120 and $118 support levels to move into a bearish zone. Sellers even pushed the price below the $115 level and a new weekly low was formed near the $113 level. Later, the price started consolidating losses above $113 and corrected a few points higher. It moved above the 23.6% Fib retracement level of the recent decline from the $124 high to $113 swing low. However, the previous support near the $118 level is acting as a strong resistance. Moreover, the 50% Fib retracement level of the recent decline from the $124 high to $113 swing low is positioned near $118. More importantly, there is a major bearish trend line formed with resistance at $121 on the hourly chart of ETH\/USD. Looking at the chart, ETH price clearly moved into a bearish zone below $120 and the 100 hourly simple moving average. As long as it is trading below $118 and $120, there is a risk of more losses. The next supports are at $110 and $106. ETH Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is slowly moving in the bullish zone, but with a bearish bias. Hourly RSI &#8211; The RSI for ETH\/USD is currently recovering above the 25 level, with a positive angle. Major Support Level \u2013 $113 Major Resistance Level \u2013 $121<\/p>\n","protected":false},"author":67,"featured_media":344601,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8323,1946],"class_list":["post-368710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\n<title>Ethereum Price Analysis: ETH Sinks Below Key Support, Could Extend Losses<\/title>\n<meta name=\"description\" content=\"Ethereum price declined heavily in the past few hours against the US Dollar and bitcoin. 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