Acne help: when will we see Ethereum as expensive $ 100?
Source:
This week almost Ethereum «finished» its investors, the cryptocurrency fell below the psychologically important support near $ 100. Double-digit the cost of ETH we have not seen for a long time, but in the near future, the course of bitcoin is unlikely to gain a foothold above the new resistance line.
The Overall situation looks like this:
the-
the
- the asset price collapsed after the bulls failed to break the resistance area $ 125; the
- on 4-hour chart has formed a new bearish trend with resistance around 101 dollar; the
- cryptocurrency can roll higher, but the uptrend is unlikely to pass through the line 100 dollars.
Today Ethereum is trading at 98 dollars. For the past day, the cryptocurrency has grown by 9 percent, the capitalization once again exceeded $ 10 billion.
theTechnical analysis
Recall that in early December, buyers were unable to overcome the area of $ 125, which at that time was the head of the local resistance of the coin. After an unsuccessful test line asset dramatically collapsed below $ 110, what was the reason for further downside movement up to $ 80.
Then followed a correction, as the Ethereum fell into the strong oversold. Yet buyers somehow managed to keep the coin above 90 dollars, but it is unknown for how long. Note that the 0.5 Fibonacci level now coincides with the line in the area is 103 dollars. It is unlikely that the bitcoin can go above this level in the near future.
image Source — NewsBTC
Like the previous month, is now the safest strategy for traders game remains on the downside. Count on long from the bottom is not worth a good sign to open long positions will be strong growth above $ 125.
While Technical indicators give mixed signals. MACD slowly moves in bullish zone but RSI is still at an average level. This indicates no apparent trend.
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