New drop: Ethereum may again fall below $ 100

On the chart Ethereum embodied one of the worst scenarios — the cryptocurrency has broken several support levels and fell to almost a hundred dollars. Now bears have a strong advantage in the bidding, so soon it may break below $ 100.

The General situation looks like this:

  • drain Ethereum was so strong that buyers failed to redeem the Strait of prices;
  • scale 1-hour chart is still in effect a local descending trend with the nearest resistance near $ 110;
  • asset tested support in the area of $ 100 and rolled a little higher.

At the moment Ethereum is trading at $ 105. For the past day, the cryptocurrency fell by 1.2 percent.

Technical analysis

Yesterday marked the fall of the Ethereum below $ 115, which was the signal for opening short positions. Control back in the hands of the bears, now they are trying to push the coin below $ 100.

While a pair of ETH/USD has formed a local minimum in a zone 101 of the dollar. Due to the rapid fall of the asset went in the oversold zone, which triggered a pullback above $ 104. Currently, the cryptocurrency is trading well below the moving average 100 SMA, so hope for an explosive growth in the near future yet.

Source: TradingView

Now the growth of Ethereum holding back the line of resistance around $ 108 and the local bearish trend in the scale of 1-hourly chart. The pressure is so strong that the cryptocurrency were unable to test even the 0.5 Fibonacci level, laid on a wave draining from 114 to 101 dollars. The result — the most secure strategy is now short Ethereum at the break below $ 100.

The readings of technical indicators point to a small pullback before a possible further decline. The MACD stepped in the bull zone, but the RSI is still not oversold.

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