ETHUSD Outlook: Will Ethereum Price Face Bearish Action Below $121 Support?

December 27, 2018 AtoZ Markets  This year has been a rough one for most cryptos but some have fared worse than others. Ethereum is one of those massive sufferers that has lost over 90% since its peak almost a year ago.

At press time, Ethereum price is trading at $125 mark with a 24 hours volume of $118 Million. The coin has a market cap of $13.06 Billion, according to coinmarketcap stats.

Ethereum Technical Analysis

Looking at the charts, there was a minor upside correction above $130 in Ethereum price against the USD. The ETHUSD pair even moved above the $134 mark, but gains were limited. Also, there was even a push above the 23.6% Fibonacci retracement level of the recent drop from the $160 highs to $121 lows. However, the price of the coin struggled to settle above the $135 resistance and later declined.

Moreover, there was a break below the $126 handle and the 100 hourly SMA. However, the price of the coin remained above the $121 support and it is currently consolidating losses. Most importantly, there is a major bearish trend line in place with resistance at $130 on the hourly chart of ETHUSD pair.

A break above trend line and $131 mark might push the price of Ethereum towards the $135 resistance. The main resistance is near $140 and the 50% Fibonacci retracement level of the recent drop from the $160 highs to $121 lows. On the downside, the $121 daily support area holds a lot of importance. If there is a break below $121, the price of the coin might extend declines.

In conclusion, Ethereum price seems to be struggling to regain bullish momentum above $130 and $135 levels in the near term. Therefore, there is a risk of a downside break below $121 handle.

Ethereum Pivot Points

Ethereum price has a significant daily support near $128 levels and resistance near $141 levels.

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