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The price of Ether has decreased significantly compared to the US dollar and bitcoin. The ETH / USD broke the $ 100.00 handle and could continue to slip in the short term.
Key points
The price of Ether dropped sharply and traded below the $ 100.00 support against the US dollar.
A crucial bearish trendline was formed with resistance at $ 106.00 on the 2-hour chart.
ETH / BTC extended losses and traded towards the 0.0260BTC level.
Technically, the 2-hour chart indicators are taking hold in bearish territory.
Price analysis of the ether
Yesterday we discussed the possibility of a downside break under the support of $ 100.00 in ETH / USD. The pair moved down and broke support levels of $ 105.00 and $ 100.00 to set a new monthly minimum.
ETH / BTC also gained ground and traded below the 0.0280BTC and 0.0270BTC levels. It has tested the 0.0260BTC level and it seems that Ether can continue to slide towards the 0.0250BTC level compared to bitcoin.
The current price action on the 2-hour chart of the Ethics / USD suggests that the recent break below the $ 100.00 handle is real and sellers maintain control. The pair failed to stay above the support zone of $ 105.00 and fell significantly below $ 100.00.
A new monthly minimum was formed at $ 95.60 and thereafter there was a short-term upward correction above $ 100.00 and the Fibonacci 50% retracement level of the recent $ 110 decline, 18 up to $ 95.60 at the bottom.
However, the gains were limited as the price of Ether did not exceed the $ 104.00 level and the Fibonacci retracement level to 61.8% of the recent decline. Furthermore, there is a crucial bearish trendline formed with resistance at $ 106.00 on the same chart.
Turning to the 30-minute chart of Eth / USD, the pair is currently trading well below $ 100.00 and a bearish trendline, with a current resistance of $ 102.00. If Ether adjusts higher, sellers are close to $ 100.00 or $ 102.00.
The general price action indicates that Ether has convincingly passed the support of $ 100.00, opening the door to further losses in the coming days. The next support is $ 95.00, below which there is a risk of a bigger move towards $ 80.00.
Important resistance levels
$ 100.00 and $ 105.00
Important support levels
$ 95.00 and $ 90.00
2 hours RSI
The RSI is currently close to oversold levels.
MACD at 2 hours
The MACD is heavily positioned in the bearish zone.
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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