Ethereum Revealing New Decline Signal Under $125
The price of ETH/USD is revealing some selling signs. A break under $125 and $120 could make the price return to the downside.
In the previous day, the price began a retracement to the downside from the hurdle at $135. Further, the price was able to settle under the support at $130 support and the 100 hourly SMA.
This paved the way for additional declines and the price traded under $128. A look at the hourly chart of ETH against the USD reveals a break under a contracting triangle with support close to $127.
Hence, it seems there is a struggle to maintain a position over the major support zone at $125. A successful close under the support at $125 may lead to continuous downtrend. 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 shows that ETH is encountering resistances close to $130 zone and the 100 hourly SMA. Also, there is the formation of a linking selling trend line with hurdle close to $130.
Hence, if the price closes over the hurdle at $130 resistance as well as the trend line, it will bring about another move to the upside. A successful move to the upside may lead to the hurdle zone at $135.
Contrariwise, there may be a struggle to regain a level over $130 and the 100 hourly simple moving average. Besides, sellers may regain control in the short term if the price moves under the support at $125.