ETH declining to $133 is another price movement on the charts for the second-largest cryptocurrency. Ethereum is still consolidating the losses and the upsides will face more hurdles close to the $128 price level as we are reading in the ethereum news today.
Ethereum is down by more than 2 percent and it tested the $125 support zone against the US Dollar so the price is expected to consolidate above $125 and will remain at a risk of more losses. There could more bears on the road forming with the new resistance close to the $128 on the hourly charts for the pair. There could be a break below the $124 low which could set the pace for more losses at $120.
After ETH struggled to stay above the $135 zone after the fresh decline against the US dollar while starting a bearish momentum and breaking past the $130 support level. There was also a close down below the $128 level and the 100 hourly simple moving average while the price tested the $124-$125 support area where a new low is formed close to the $124. The ETH declining continues after the losses consolidation phase and the 23.6% Fib retracement level of the recent decline from the $133 high to the $124 low. On the upside, there could be more hurdles forming near the $128 level.
There could be another bearish trend line forming with a new resistance at $128 on the hourly charts of the ETH/USD pair. above the trend line, the 50% fib retracement level of the decline from $133 high to $124 is also close to the same zone. The bulls will face a strong selling interest close to the $128 zone and the main obstacle will be near $130 above which the price could recover to the $135 zone. The initial support is close to the $124-$125 area and if Ethereum will dive below the $124 low while there are chances of more losses in the near term.
The next key support is close to the $120 zone where the bulls are emerging slowly. Further losses for ethereum could mean another trip to the 5 level in the coming sessions.
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Ethereum had a few ups and downs lately due to the harsh market conditions so it’s safe to watch it closely in the upcoming days.
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