In the past few weeks, ETH price tumbled below the $146 and $140 support levels against the US Dollar. The ETH/USD pair even traded below the $130 support and the 100 simple moving average (4-hours). The decline was such that the price tested the last swing low of $120-121. Later, the price started consolidating losses and traded in a range above the $121 level. Initial resistance is near the $128-129 zone.
Besides, the 23.6% Fib retracement level of the last decline from the $153 high to $121 low is also near the $128 area.
Therefore, it won’t be easy for buyers to clear the $128-129 resistance zone. If there is an upside break above $128, the price may climb towards the $138 zone
— ConsenSys (@ConsenSys) January 13, 2019
Finally, there is a crucial bearish trend line formed with resistance at $138 on the 4-hour chart of ETH/USD. Therefore, the $128 and $138 levels are the main hurdles for buyers in the coming days.
ETH price is under a lot of pressure below $121 and $128. If sellers remain in action, the price will most likely slide towards the $105 or $100 levels.