Ethereum outperformed widely from mid-December to early January, but has since underperformed other major cryptocurrencies.
If we draw Fibonacci retracement levels from the low of December to January, the price seems to find support at key levels between points.
A bullish rise to start the week met resistance at the Fibonacci level to 0.382, and the price has since been traced to meet support at the 50% retracement level.
If the price falls below this level, support should be expected at $ 114, which was the point of a significant price hike at the end of December and also later came into play as support several times.
The 4 hour shows in detail how the price has reacted to different levels. The price has already tested the 50% retracement level several times.
Each test makes the level weaker with progressively fewer buyers to support the level each time.
If the price breaks below, you would be likely to find some liquidity at $ 114 unless there is a really significant bearish break.
A significant break that moves below $ 114 and the Fibonacci level at 0.618 to $ 111 means that the next levels to be monitored would be $ 100 and the minimum 2018 to $ 81.
- Ethereum underperformed the other main cryptocurrencies. The price is currently meeting support for the 50% retracement between the December low and the January high.
- It is likely that the support comes into play at $ 114 if the price breaks below with liquidity after entering the game in trading prior to this point.
- Levels to monitor if there is a significant downward movement $ 100 and the minimum 2018 to $ 81.
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