Ethereum’s Price Downtrend Gains Pace, Reaching $125a Next

Ethereum’s price downtrend led to the altcoin gaining pace after it failed to recover above the 5 resistance against the US dollar.
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There is a key bearish trend line forming with the resistance near the $147 on the hourly chart of the ETH/USD pair and the price is trading below $145 making it likely to trade below the $15 support area as we are reading in the ETH news today.

Ethereum’s price is facing an increase in the selling pressure against the US dollar similarly to Bitcoin. ETH still remains at a risk of a drop towards the $125 support area. In the weekly forecasts, we discussed the chances of another break down below the $145 against the US dollar. ETH’s price remains in a bearish zone and failed to climb above the $155 resistance and settled well below the 100 hourly simple moving average. There was also a downside break below the $145 support area and the decline was such that the price broke the 76% Fib retracement level of the recent recovery from the $138 low to the $155 high.

Further, the price spiked below the $138 low and it is not having a hard time recovering. The immediate support is close to the $135 level and it represents the 1.236 Fib extension level of the recent recovery from the $138 low to $155 high. If there are further downsides in the near future, the price will test the $130 support area and some further losses may even push Ethereum towards the $125 support area in the near term. The immediate support is getting close to the 1.618 Fib extension level of the recent recovery from Ethereum’s price downtrend of $138 low to the $155 high.

There are many resistances on the upside starting at $142 and there is a key bearish trend line forming with the resistance getting close to $147 on the hourly charts. To start a decent recovery, the price has to clear the $142 and $147 resistance levels. However, the main resistance will be near the $155 level and the 100 hourly simple moving average which proposes a chance of a change in trend from bearish to bullish.

Looking at the charts, Ethereum’s price is declining and could start trading towards the $135 and $130 support levels. The key support zone could reach $125 where the bulls are likely to put up a strong fight.