Ethereum May Plunge Under $125
The ETH/USD price is showing some declining signs. A break under $ 125 and $ 120 could make ethereum’s price move to the downside.
Yesterday, the price started dropping from the hurdles at $ 135. The price later settled under the support at $ 130 and the 100 hourly SMA. Further, the price declined to under $ 128.
Analyzing the ETH/USD Hourly Chart
The ETH/USD hourly chart shows a break under a contracting triangle with support close to $ 127. In that case, there is a struggle to maintain a position over the major support zone at $ 125. A downward move under the support at $ 125 may facilitate a continuous downtrend, and the immediate support is close to $ 120, and a move under it could strengthen the sellers to focus on $ 115.
A look at the upside reveals that ETH is encountering resistance close to the $ 130 zone and the 100 hourly SMA. There is also a formation of a linking selling trend line with a hurdle close to $ 130. Therefore, if the price closes over the hurdle at $130 resistance and the trend line, it will bring about an upside move.
A successful move to the upside may lead to the hurdle zone at $ 135. Otherwise, there may be a struggle to regain over $ 130 and the 100 hourly SMA level. Additionally, sellers may regain control in the short term if the price moves under the support at $ 125.
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by Wayne Jones
by Olowoporoku Adeniyi