[ad_1]
Ethereum has extended losses below $ 115.00 and $ 110.00. The ETH / USD seems to be preparing for further losses to the $ 100.00 level.
- The price of Ethereum fell below support levels of $ 115.00 and $ 111.50.
- ETH / USD is trading below two bearish trend lines with resistance at $ 109.00 and $ 117.00 on the 30 minute chart.
- The price is likely to break the recent low near $ 106.50 to test the $ 100.00 support.
Price analysis of Ethereum
There were further drops in the price of Ethereum after closing below the support of $ 116.00. The price fell below support levels of $ 115.00, $ 111.50 and $ 110.00.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair settled below the support of $ 111.50 and the 25-minute (30-minute) moving average. The current technical structure is very bearish provided the price is less than $ 111.50 and $ 117.00.
The recent minimum swing was formulated at $ 106.87 and thereafter the price was corrected higher. However, the upward move was limited by the Fib retracement level to 23.6% of the recent slide from $ 120.45 upwards to $ 106.87 below.
The price has declined again and has even broken the $ 106.87 minimum. A new weekly minimum has been formed around $ 106.50 and it seems that the price is going to increase drops. On the upside, there are two key bearish trend lines formed with resistance at $ 109.00 and $ 117.00.
If there is a break above the forefront of the trend, $ 110.00 and the simple moving average at 25 (30 minutes), there could be a recovery towards the next resistance at $ 113.00-113.50. Represents the previous support area and coincides with the 50% Fibra retracement level of the recent slide from $ 120.45 up to $ 106.87 below.
Therefore, a move upwards towards $ 113.00 or $ 113.50 risks facing a lot of sales interests. On the downside, initial support is close to the minimum of $ 106.50, below which sellers could push the price of Ethereum towards $ 100.00. In the case mentioned, it would be interesting to see if ETH buyers can defend crucial $ 100.00 support.
Market data is provided by TradingView, Bitfinex.
Source link
