It happened: Ethereum has fallen below $ 100. What's next?
Source:
As we have previously, the bearish scenario in the trading of Ethereum came to life. Cryptocurrency has updated its yearly low, falling below $ 100. At the moment the sellers aim to line of $ 70, which could be the next main support level of the asset for the next couple of weeks.
The Overall situation looks like this:
the-
the
- ETH price sharply broke through the support zone of $ 98 and have fallen even lower; the
- for the 1-hour chart has formed two new downtrend line with the nearest resistance around 96 and 102$; the
- cryptocurrency will continue to decline to $ 75 in the short term.
The Evening is trading around $ 88. In the past 24 hours, the cryptocurrency fell by at least 10 percent.
theTechnical analysis
Tonight the price is a third of the capitalization of crypto-currencies sharply fell below $ 100 and continued to move in search of a new bottom. While the asset was fixed at the market value, therefore the correction of the downward movement will have to wait. After a couple of hours after draining the buyers attempted to roll back again above hundreds of dollars, but these efforts were foiled by the market.
Thanks to the speed of the price movement sellers managed to gain momentum — they are easily pushed through the air to around $ 85. Now the asset is significantly below 100 SMA in the scale of 1-hourly chart. This is a clear sign that bearish trend, even on a local time interval is in full swing.
image Source — NewsBTC
Now we can expect that the rollback crypto-currencies are unlikely to extend above $ 96. From the main support line quickly turned into a popular resistance. The situation has strong psychological overtones — below one hundred dollars the new investors who joined cryptocommunist in the second half of 2017, have not seen the Ethereum ever.
Based on the readings of the RSI indicator, until advised to open a trading position. Though the bearish trend and continues to short with a big shoulder right now — the market is in a phase of strong oversold.
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