Ethereum has not been doing well for the past few weeks. However, it has started the week on a bad note again, as it witnessed a fall in its price.
This simply means that it lost some percentage out of its price. It was trading at around $125 and went higher to trade at $126. Unfortunately, it lost out of its price and it went down to $122.
It lost out of $122 again and it started trading at $120 and $118 which automatically move into a bearish zone.
Ethereum sellers moved the price lower again below $115 level and a new weekly low was formed near $113 level on the chart. Later the price started trading again above $113 and it moved above the 23.6% Fib retracement level of the recent decline from the $124 high to $113 swing low.
On the weekly chart, there is a support near the $118 level that is acting as a strong resistance. There is also a 50% Fib retracement level of the recent decline from the $124 high to $113 low and it is positioned near $118.
On the Ethereum hourly chart, there is also a major bearish trend line that is formed with resistance at $121. If it is trading below $118 and $120, there is a risk that it might still witness many more major losses.