The leading altcoin is facing increased selling pressure against the US dollar. Ethereum price perfomance as notioned weeks ago, is still in <a href="https://www.cryptoknowmics.com/crypto/for-the-first-time-in-4-years-the-critical-indicator-may-indicate-an-increase-in-the-price-of-bitcoin/">sync</a> with Bitcoin. However, the asset faces a bigger risk of dropping towards the $125 support area. 
<h2>Ethereum Price Analysis</h2>
The weekly forecast denoted the possibility of yet another breakdown below the $145 support against the United States Dollar. Ethereum price hit a bearish zone and settled below the $155 resistance and below the 100 hourly simple moving average. Therefore causing a down break below the $145 support area and a fast-paced decline towards the 76.4% Fibonacci retracement level of the recent recovery to $155 high from $138 low.

Nevertheless, the price plummeted below the $138 low and is currently facing resistance to offset an upward correction. An immediate support has taken position close to the $135 price level and is indicative of a 1.236 Fib extension level of the recent increase to a $155 high from a $138 low. 

Will there be cases of more downsides, the price is likely to retest the $130 support area. Further losses could pull the price downwards to the $125 support area in the short term. In fact, an intermediate support is taking root near the 1.618 Fibonnaci extension level of the recent price correction to a $155 high from a $138 low.

The upside has several resistance beginning from the $142 level. Moreover, a key bearish trend line formation has taken position with its resistance near the $147 price level on the hourly ETH/USD trade pair chart. A decent recovery must offset the $142 and $142 resistance levels. However, the key resistance that is $155 and the 100 hourly simple moving average could offset the chances of market correction from bearish to bullish. 

Meanwhile<a href="https://ethereum.org/">, Ethereum (</a>ETH) price is dropping and could probably trade towards the $135 and $130 support levels. A key support zone of $125 is on the cards and an imminent bull fight looms across the corner, in the short term.

Ethereum (ETH) Price Decline Gaining Momentum Towards $125 Support

Ethereum, the leading altcoin is facing increased selling pressure against the US dollar. Ethereum price perfomance as notioned weeks ago, sync with BTC.

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Ethereum (ETH) Price Decline Gaining Momentum Towards $125 Support

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