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The problems continue for Ethereum as the cryptocurrency remains below the psychological support level of $ 100. Although the market may have seen a small increase in the price of + 4.20% over the previous 24-hour trading period, the cryptocurrency is still trading at a price of around $ 88.59 at the time of writing.
- Ethereum's problems continue to clash while price action falls below $ 90.
- The market continues to fall further, creating new annual lows.
- Support to move forward; $ 84.40, $ 84.10, $ 80.25, $ 70, $ 68.83, $ 64.55, $ 52.41.
- Resistance advancing; $ 98.90, $ 100, $ 111.65, $ 130.83.
The market saw a sharp decline in the price of -23% compared to the previous 7 trading days and a further fall of -58% in the price in the last 30 trading days.
Ethereum is now ranked 3rd, behind Ripple, with a total market capitalization value of $ 9.3 billion. The 40-month project is now trading at a price 93% lower than the all-time high price.
ETH / USD – SHORT TERM – TABLE 4HR
Analyzing the price action from the short-term perspective above we can clearly see the devastation for the Ethereum market throughout the month of November and the first days of December 2018. The market fell 55% from a maximum of $ 220 in November 2018 at a minimum just over $ 100 by the end of the month.
While December 2018 continued to trade, the market fell even further by a total of 35% until the cryptocurrency breaks below the $ 100 and $ 90 support levels.
We can see that the downward trend has found support in a combined support area provided by a long side downside 1.618 Fibonacci Extension (Drawn in green) and an average downside of level 1.414 FIbonacci Extension (Drawn in purple) both at the price of $ 84 handle.
After reaching this support price, the stock rebounded, but came in earlier downtrend resistance earlier than 1,272 Fibonacci extension level (Drawn in purple) priced at $ 98.90 before reversing. Price action seems to be lower again.
Looking ahead, if bearish pressure continues, we should expect the market to reach its previous level of support combined with $ 84 in the first place. If bearish pressure continues to push action on prices below this combined level of support, we can expect further support below this to fall to 1,272 and 1,414 Fibonacci levels (Drawn in red) at $ 80.25 and $ 68.83 respectively.
If sellers continue to drive prices even lower then we can expect further support below the 1.618 Fibonacci Extension level (drawn in purple) at a price of $ 64.55 followed by a short fall term 1.618 Fibonacci Extension level in red) priced at $ 52.41.
Alternatively, if buyers would like to recover some of the losses found in this market, the bulls will have to push price action above the previous resistance level to $ 98.90 and then break above $ 100 before being able to climb higher.
Summary
Item name
Price analysis of Ethereum – Ethereum continues to look up and down while the price action is positioned below $ 90
Description
The problems continue for Ethereum as the cryptocurrency remains below the psychological support level of $ 100. Although the market may have seen a small increase in the price of + 4.20% over the previous 24-hour trading period, the cryptocurrency is still trading at a price of around $ 88.59 at the time of writing.
Author
Yaz Sheikh
Publisher name
CoinGape
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