- ETH / USD slips below $ 106, down 8%.
- One notices a large ETH transaction.
Ethereum is changing hands at $ 114.50 at the time of writing. The third largest digital currency lost almost 50% of its value in just one month amid the collapse of global cryptocurrency. The specific fundamental issues of the Ethereum network are making the case stand out.
Ethereum whales are said to dump the coin, increasing the general downward pressure. According to transaction data retrieved by Etherscan, an unknown user has transferred 17723 ETH (over $ 1.8 million at the current exchange rate) from an Ethereum portfolio to Okex Exchange. The purpose of the transaction is not clear, however, if this whale is about to cash in, ETH could hit as much as $ 50 in the near future.
Technical framework of Ethereum
The price is limited from DMA5 to $ 113.50; however, we need to see a sustainable movement above $ 120 to calm the pain and have a chance of a sustained recovery toward $ 130.00 psychological with the 1-month Pivot Point support approach 1.
From a longer-term perspective, strong resistance begins with the lower limit of the previous range at $ 180 and DMA50 (currently at $ 190). This level is followed by $ 200 psychological and DMA100 to $ 215.50.
On the downside, critical support is created by the recent $ 100.92 minimum, followed by an essential $ 100. This area is able to attract buyers; however, a sustainable breakthrough will expose $ 70.00 (the lowest level since April 2017 and $ 50.
The relative strength index (daily chart) remains flat in the overbought territory.
ETH / USD, the daily chart