Ethereum (ETH) can not afford to fall below $ 100 as it is very likely that it will not get its hands. Not surprisingly, people waiting on the sidelines had $ 100 as an ideal target in their minds before they started buying. ETH / USD has already reached $ 101 but this is the thing in times like these, people suddenly start counting every dollar and a hundred. After all, they think it would not be nice to see a further drop in price, $ 92? The problem with such an approach is that the market is not interested in numbers; he worries about certain levels of support and resistance. If the price falls below $ 100 it is very likely to settle for $ 50 or less. When this happens, it will take even longer to recover.
Those who have seen the wild bull races in the past were waiting to see the drop in prices at current levels. In fact, they eased that panic by selling most of their coins to levels they should not have. That said, they are now waiting for the price to drop to a level where they can buy back the number of coins they had before panicking. For most of them, it does not matter if the price drops to $ 100 or $ 20 because they think we're going to rocket straight from there to a new historical high. The reality is that this kind of thinking could not be further from the truth. Most of the weak hands during the current cycle entered the market during the last bull run. They did not see what leads to that bull run.
Chart for ETH / BTC (1W)
A complete cycle for Ethereum (ETH) does not include only a fast pump and a landfill. In fact, the pump and the landfill are the most interesting parts of the cycle. The boring parts of the cycle lie between these two which take years to complete. This is the moment when the price mostly trades sideways or in a very narrow range. Any support we break has the potential to turn into another resistance, which means it will be much harder to break it over. The price is now one of the best points that has ever been from a risk / reward point of view.
Smart money is busy accumulating and is likely to pay long-term. However, fast buck artists will know soon enough that the price will not come to a new high soon. The beauty of a market correction is that it takes coins from a weak hand and puts them in a strong hand. While a weak hand can buy or sell on FOMO or FUD, a strong hand buys after due diligence and is going to sell at the right time. This is how the same market cycle repeats itself over and over throughout history.