The Ethereum holds above $ 100. The fall ended?
Source:
Yesterday the price of Ethereum had to go through two important mark the asset for some time fell just below $ 100, but then quickly rose to previous resistance line. It seems that buyers are not yet ready to give up so quickly in front of the psychologically important level of support.
The Overall situation looks like this:
the-
the
- huge trading volume at the discharge of the coins dropped through hundreds of dollars; the
- for the 1-hour chart formed a descending trendlayn from the nearest point of resistance in the area 116 USD; the
- to grow in the short term, Ethereum is necessary to overcome the level of $ 118.
At the moment, bitcoin is trading in the $ 114 area. In the past 24 hours the price rose almost 3.5 percent. Capitalization of the coin is of 10.93 billion.
theTechnical analysis
Earlier, we already wrote about the pullback just above hundred dollars. As expected, the bears were unable immediately to break through the psychologically important support. 1-hour chart Aldona signaled strong oversold, so before continuing with the drop, we need a pause.
Unfortunately, this pause is unlikely to be the beginning of a full growth at least in the medium term. Coin failed to gain a foothold above another resistance level, which also coincides with the 0.618 Fibonacci line. If the breakthrough did take place, the next stop price will be 126 dollars. However, in the present state of the stock market rush to open long positions is not recommended.
image Source — NewsBTC
The price of the asset is also located below the moving average 100 EMA (on a scale of 1-hourly chart), indicating a low probability of growth. But the technical indicators show a much more optimistic picture — MACD is in bullish zone, RSI is also increasing and «crawled» above average.
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