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- Ethereum bulls lick their wounds but bears continue with beatings.
- The ETH / USD could test the annual lows while further decompositions could form new lows towards $ 90.00.
Ethereum dropped below the $ 100 threshold for the second time in less than 24 hours. The current market trend seems to exhaust the bulls that have been received since November. The ETH / USD is still correcting downward value at the time of writing and Thursday falls 3.47%.
The $ 10 billion digital asset now sits comfortably in the third position after Ripple's XRP exceeded the last month. It has a 24-hour trading volume of $ 2 billion. The volume of trade is increasing while the selloff enters the fourth week.
Yesterday, there was a slide where Ethereum broke below $ 100 support to trade $ 95 lows. A rebound occurred almost immediately but the bulls were unable to sustain growth of more than $ 100. The downtrend line limits earnings on the hourly time chart. In addition to this, the 50 SMA is still below 100 SMA to show that the dominant position of sellers is increasing.
Indicators such as the relative strength index are heading towards oversold, 30 percent marks as the MACD signal line advances deeper into the negative zone, Ethereum is ready for losses that could test the 2018 lows and even form new short-term lows. On the flip side, a reversal over $ 100 will see the recovery of the price around $ 120 and the medium-term resistance level at $ 130.
ETH / USD 1 hour chart
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