The Ethereum fell below $ 130. What’s next?

Price Ethereum continues to trade in a fairly narrow limits until the previous discharge. Looking at the chart, every day that the cryptocurrency below the level of 154 dollars, had a negative impact on its prospects for growth. Now we can assess the situation and try to find the nearest point of the bounce for the coins after the fall.

The General situation looks like this:

  • until recently, the Ethereum traded above $ 146;
  • on the 1-hour chart formed two local downtrend line with resistance in the zone 152 and 154 dollars;
  • the coin could not resist the selling pressure and fell below $ 140.

This morning Ethereum is trading at $ 129. For the past day, the cryptocurrency fell by 8 percent.

Technical analysis

As you can see in the 1-hour chart formed before the fall of the asset, the fate of Ethereum was predetermined. After forming the support line in the area is 146 dollars cryptocurrency fell back a little higher and tried to gain a foothold in the area is 155 dollars. Unfortunately, the testing of the resistance was unsuccessful, and the Ether rapidly went downhill.

Another serious obstacle to growth was made by the moving average line is the 100 SMA. Now the asset is far below it, which is a clear sign of retracement.

Source: NewsBTC

As the previous major support at 146 dollars were pierced with large trading volumes, the drain can be tightened up to $ 120. If in this area the bears manage to push price down, will have to wait for the fall up to $ 100. This line now serves a new psychologically important support.

The readings of technical indicators suggest further decline in the price of Ethereum. The MACD line (on H1 chart) is trending sideways in bearish zone. Also the RSI does not give clear trend slightly below the average. Follow the course of cryptocurrency recommend our ranking coins. There is everything you need.

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