The price of ETH/USD is into a slow movement to the downside under major supports. The price could retest $120 or even $115 prior to a modest move to the upside.
In the previous day, there were more declines to under $132. Further, the price established a level under $130 and the 100 hourly SMA.
The fall recently led the price to under the support at $128. The price eventually visited the support at $125 and is now into consolidation of its losses. The first resistance is close to $127.
A crucial observation is the likelihood of the past support close to $128 to become a hurdle. The immediate key hurdle is close to $130 and 100 hourly SMA.
A look at the hourly chart of ETH against the USD reveals that over the 100 hourly SMA, the previous day’s major declining trend line is active with hurdle close to $131. Hence, the price is encountering several resistances on the upside close to $128 and $130.
The major hurdle is at the moment is close to $132 and a move over it could initiate a powerful upsurge towards $138 and $140.
Contrariwise, the price is still at a risk of additional declines under the support at $125. The immediate support is close to $122 and then $120. Any additional declines could possibly take the price to the support zone at $115.