More Bears Ahead For Ethereum, Correction Up To $100 Underway

More Bears are ahead for Ethereum since it corrected higher after the huge decline towards $90 against the US dollar, similarly to Bitcoin. The Ethereum price is having a hard time correcting above $130 and it could even continue the decline as we are reading now in the Ethereum news.

The ETH price is showing a lot more bears signals below the $130 and $140 levels against the US dollar. The price is still trading in a bearish angle between supports of $105 and $110. There are also more bars ahead at $130 and $142 on the 4-hours chart on ETH/USD. The pair still remains a huge risk for further losses.

Over the past week, Ethereum crashed between many support levels close to the $150 and $120 against the US dollar and the price even broke the $100 support area, settling well below the 100 simple moving average. The price traded all the way to $89 and started an upside correction. IT also managed to recover to $100 and $110 but there was a break above the 23.6% Fib retracement level of the key drop from the $196. The price is having a hard time to clear the $130 and $135 resistance levels and there are other bearish lines forming with resistance close to $130 and $142 on the charts.

Ethereum is trading below the 50 percent Fib Retracement level from the key decline of $196 high to $89 low. The current price action suggests a lot more declines below the $115 and $110 levels and the first major support is close to the $100 level. If the bulls don’t fight to keep the price above the $100 support area, there is a huge risk that another sharp decline to the $90 and $85 levels will happen in the near term. Further losses could ignite a panic sell to the $65 level. Ethereum is having a hard time fighting between the $130 and $135 levels but the first major blockage for the bulls is close to the $142.

If the price successfully reaches a $142 resistance area, it could start another recovery. In the previously mentioned case, the bulls will aim to test the $155 resistance and any further gains could lead the price to $170 level or 100 simple moving average.