Red alert: Ethereum fell back to 101 dollars before further decline

Our previous forecasts were fully confirmed — the Ethereum couldn’t roll above the nearest resistance and continues to fall. In the current environment of the stock market to count on a quick trend change is pointless, so try not to succumb to the temptation to stand in long.

The General situation looks like this:

  • the cryptocurrency fell below “the next bottom” in the area of $ 120;
  • on 4-hour chart has formed another descending trend with resistance near $ 115;
  • if the sellers do not slow down your pace, the price of ETH will fall below $ 100. Recall the last time she was here in may 2017.

At the moment Ethereum is trading just above a hundred dollars. In the past 24 hours, the cryptocurrency fell by 9 percent. The capitalization is $ 11.5 billion in the auction of 2.28 billion.

Technical analysis

The previous couple of days were very fruitful for those who play for a fall Aldona. The price of Air managed to decline almost 20 percent in just one day. The fall was accompanied by high trading volumes, indicating the absence of a sane number of bulls in the market.

On a scale of 4-hour chart the asset is significantly below the 100 SMA, so count on growth even in the short term is not worth it.

While the Ethereum should follow Bitcoin into the abyss. The coin is now with every hour updating its annual minimum, while the fall is still no end in sight. In the most optimistic scenario, we must now jump from $ 100 and roll back at least $ 120. However, this level is unlikely to slip on large trading volumes.

Image source — NewsBTC

Talking about technical indicators? MACD was in bearish zone, but the RSI indicates a strong oversold of the asset scale, the 4-hour chart that indicates a high probability of rollback.

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