Home / Coin Payment / Ethereum [ETH] Find support for the 50% retracement level

Ethereum [ETH] Find support for the 50% retracement level

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Daily chart of Ethereum – Source: Tradingview.com

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.

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Ethereum 4-hour chart – Source: Tradingview.com

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.

Key Takeaways:

  • 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.

Latest news on Ethereum:

NOTE: Investing or negotiating digital assets, such as those present here, is extremely speculative and carries considerable risks. This analysis should not be considered as an investment advice, but for information purposes only. The historical performance of the assets discussed is not indicative of future results. Statements, analyzes and information on blokt and associated or associated sites do not necessarily correspond to the opinion of blokt. This analysis should not be interpreted as advice for the purchase, sale or storage and should not be considered as approval or recommendation of a particular activity.

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