Ethereum Price Analysis: ETH Breaks Down, Turned Sell on Rallies

ETH price traded below the $114 and $112 supports levels to move into a bearish zone against the US Dollar.
There is a major bearish trend line formed with resistance at $112 on the hourly chart of ETH/USD (data feed via Kraken).
The pair may correct higher a few points, but it likely to face sellers near the $112 or $114 level.

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Ethereum price made a sharp bearish turn against the US Dollar and bitcoin. ETH/USD is now trading in a bearish zone and it could continue to move down towards $104.
Ethereum Price Analysis
In the weekly analysis, we discussed the next possible break in ETH price either above $120 or below $114 against the US Dollar. The ETH/USD pair failed to gain momentum above the $116 and $118 resistance levels. As a result, there was a bearish reaction below the $114 support. The pair even broke the $112 support and traded well below the 100 hourly simple moving average. The decline was such that the price even traded below the $110 level and formed a new low near $109.
At the moment, the price is consolidating losses near $110, with a bearish angle. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $117 high to $109 low. More importantly, there is a major bearish trend line formed with resistance at $112 on the hourly chart of ETH/USD. It won’t be easy for buyers to clear the trend line resistance and $112. The next hurdle is near the $113 level. It coincides with the 50% Fib retracement level of the recent decline from the $117 high to $109 low.

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Looking at the chart, ETH price is clearly trading in a bearish zone below the $114 and $112 levels. If there is an upside correction, the price is likely to face a lot of sellers near $112, $113 and $114.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is now placed heavily in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently placed in the oversold area, but with no major sign of a recovery.
Major Support Level – $104
Major Resistance Level – $112
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