Ethereum is currently trading within a range between $134.67 and $116.50.

Support moving forward – $116.50, $115, $110.88, $102.79, $101.27, $100, $93, $84.03.

Resistance moving forward – $125, $134.67, $146.74, $150, $155.12, $171.94, $180.57.

Ethereum has seen a small price decline totalling -0.72% over the past 24 hours of trading, bringing the current trading price down to around $123.38. The market has seen a -2.29% price decline over the past 7 trading days with a further price fall totalling -15.45% over the past trading month.

Where is Ethereum Ranked?

Ethereum is now ranked in 2nd position as it currently holds a $13.34 billion market cap valuation. The cryptocurrency has seen a significant price fall totalling -29.40% over the past 90 trading days as the 65 month old project now trades at a price that is 91% lower than the all time high value.

Let us continue to analyse price action for Ethereum over the short term and highlight any potential areas of support and resistance moving forward/

Ethereum Price Analysis

ETH/USD – SHORT TERM – 4HR CHART

What’s been going on?

Since our last analysis, we can see that Ethereum was unable to overcome the bearish .5 Fibonacci Retracement handle (drawn in red) priced at $155.12 and proceeded to fall into support around the $120 level.

However, the market then bounced at $120 and began to rally once again. The market surge continued above $155 but price action was then unable to break above the $165 handle. The market then rolled over from this area of resistance and began to fall.

Where are we now?

After rolling over, the market dropped into support at the short term .5 Fibonacci Retracement level (drawn in green) priced at $124.91. It looked like ETH/USD would hold above this level, however, the bearish pressure was too strong and price action fell further lower.

We can see that ETH/USD continued lower into support provided by a short term downside 1.272 FIbonacci Extension level (drawn in purple) priced at $116.50 before rebounding.

After the bounce, ETH/USD travelled higher but met resistance at the short term .382 Fibonacci Retracement level (dawn in green) priced at $134.67. Price action is now trading slightly below resistance at the $124.91 handle.

What is the current trend?

The market trend is presently neutral as ETH/USD is trading within a range between $134.67 and $116.50. IF price action breaks above the range we can consider the market bullish in the short term. If price action breaks below the range, we can consider the market bearish in the short term.

Where can we go from here?

If the bulls regroup and push price action above the resistance at $124.91 we can expect further higher resistance to then be located at the upper boundary of the trading range priced at $134.67. Further resistance above this can then be expected at the short term .236 Fibonacci Retracement level (drawn in green) priced at $146.74.

If the buyers manage to push price action back above the $150 handle we can expect further resistance above to be located at the bearish .5 and .618 Fibonacci Retracement levels (drawn in red) priced at $155.12 and $171.94, respectively.

More resistance toward the upside can then be located at the medium termed 1.272 FIbonacci Extension level (drawn in orange) priced at $180.57.

What if the bears regain control?

Alternatively, if the sellers regain control of the market and begin to push price action lower, we can expect immediate support below to be located at the short term .618 Fibonacci Retracement level (drawn in green) priced at $115.15.

Further support below this can be expected at the short term downside 1.414 and 1.618 Fibonacci Extension levels (drawn in purple) priced at $110.88 and $102.79, respectively. If the sellers continue further lower more support can be located at the short term .786 Fibonacci Retracement level (drawn in green) priced at $101.27.

If the bears break below the $100 handle, we can expect support below to then be located at the short term .886 Fibonacci Retracement level (drawn in green) priced at $93, followed by more support at the long term downside 1.618 Fibonacci Extension level (drawn in blue) priced at $84.03.

What are the technical indicators showing?

The RSI is currently trading directly on the 50 handle, indicating the indecision within the market. If the RSI break above the 50 handle we can assume that the bulls are in control of the market momentum and that the price is likely to travel further higher.