The Ethereum / USD pair is even traded under $ 130 and 100 (4 hours). The price tested the final bottom of $ 120-121. Later the price began to fortify the losses and traded at levels above $ 121.
Initial resistance is close to the area around $ 128-129 (previous support). Additionally, the 23.6% fib retracement from the last drop from $ 153 to $ 121 is also close to the $ 128 zone. Consequently, buyers will not be able to easily overcome the $ 128-129 resistance area.
If there is a break above $ 128, the price may climb to the zone of $ 138. 100 SMA (4 hours) is positioned close to the $ 138 zone to prevent further profits. What’s more, the 50% fib retracement from the last drop of $ 153 to $ 121 is $ 137. Finally, there is a decisive tendency for bearish trend formation with a resistance of $ 138 on the 4-hour chart of Ethereum. Therefore, the levels of $ 128 and $ 138 are the main obstacles for buyers in the coming days. The above graph shows that the price of Ethereum may drop further if there is a breakthrough below the support of $ 120 and $ 121. The next key support is $ 112 and $ 108.