Ethereum is down more than 5% and it broke the $130 support area against the US Dollar.

The price is currently testing the $125 and $126 support levels, with a positive bias.

Earlier, there was a break below a contracting triangle with support near $132 on the hourly chart of ETH/USD (data feed via Kraken).

Bitcoin is down around 4% and it is now trading below the $7,400 level.

Ethereum price is back to a key support zone versus the US Dollar and bitcoin. ETH price must stay above the $125 support to bounce back in the near term.

Ethereum Price Analysis

Yesterday, we saw a decent increase in Ethereum price above the $130 resistance against the US Dollar. Moreover, ETH price rallied above the 100 hourly simple moving average and $132.

However, the $135 level once again acted as a strong resistance. A swing high was formed near $135 and the price started a downside correction. The bears succeeded in surpassing the $132 and $130 support levels.

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