Ethereum Price Analysis: ETH Nosedived, More Declines Likely

Key HighlightsETH price failed to stay above the $146 support and declined heavily against the US Dollar.There is a short term bearish trend line formed with resistance at $128 on the hourly chart of ETH/USD (data feed via Kraken).The pair may correct a few points towards $130, but it is likely to extend declines below $120.Ethereum price declined heavily during the past few hours against the US Dollar and bitcoin. ETH/USD could test $110 or $105 if it fails to recover above $128 and $136.Ethereum Price AnalysisYesterday, we saw a solid support near the $144-146 zone for ETH price against the US Dollar. The ETH/USD pair recently failed to break the $150-151 zone and a bearish trend line. It resulted in a sharp bearish reaction and the price declined below the $146 and $144 supports. Sellers gained control and pushed the price below the $130 level. There was even a…

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