Ethereum approaching the critical support level of $ 100 with 18-month lows

Ethereum has seen a further significant drop in the price of 13% in the last 24 hours of trading. At the time of writing, the market is trading at the level of $ 106.49 while the ETH / USD continues to approach the support level of $ 100.

• Ethereum has fallen to a price level not seen for over 18 months.
• The market continues to shrink when price action approaches $ 100.
• Support in progress: $ 111.21, $ 106.98, $ 100.46, $ 95, $ 90, $ 85, $ 83.61
• Resistance advancing; $ 121.89, $ 132.28, $ 160.

Like the rest of the current market, the bloodbath has led Ethereum to introduce new lows unseen since May 2017. Ethereum is now ranked 3rd, behind Ripple, with a total market capitalization value of $ 11.01 billion . The decentralized operating system lost a total of 47% in the last 30 days and 62% in the last 90 trading days.

The 40-month currency is now trading at a price that is 92% lower than the historical maximum. We continue to take a closer look at the market and continue to provide potential areas of support and resistance.

Price analysis of Ethereum

ETH / USD – SHORT TERM – 4HR TABLE

Analyzing the price action from the above 4HR perspective, we can see that the market has continued its decline since BTC fell below $ 6000 on November 14, 2018.

We can see that the market has remained largely under the 7-day EMA indicating the great influence that sellers in the market command. We can see that price action has continued to fall below many important support areas as the market continues to find a truce area.

From the chart above, we can see that price action has recently found support for the downside 1.618 Fibonacci Extension (drawn in purple) for $ 106.98. As the market has reached this level, we can see that ETH / USD has increased slightly. However, judging by pressure from sellers, we can not really expect this level of support.

Going forward, if the bears continue with their aggressive nature and push the price below $ 106.98, we can expect further support below and then find ourselves at the psychological support of the round number at $ 100. This area also contains a long-term Fibonacci 1.618 extension (drawn in green) for $ 100.46.

If the sale continues to fall in price below $ 100, then we can expect further support below $ 90, followed by the support provided by the long-term descending level 1.618 Fibonacci Extension (drawn in orange) for $ 83.61.

Alternatively, if the bulls manage to bundle their efforts and push the highest price action by $ 106, they will meet the immediate resistance above at 1.141 Fibonacci Extension level (drawn in purple) for $ 121, 89 followed by the 1.25 Fibonacci Extension (purple) level at $ 132.28.

The RSI on the 4HR time frame remains under the control of the bears while trading under the handle 50. For a sign that the bulls are ready to start a shot, we will try for the RSI to return above the handle 50 to indicate that the bulls are in possession of the market momentum.