The Ethereum have fallen below $ 140. Bullrun not?

Yesterday the Ethereum made a sharp reversal on the chart, broke through some key resistance and fell below $ 140. In fact the main reason for the fall of cryptocurrency was the discharge of Bitcoin, which has dragged down all the other altcoins.

The General situation looks like this:

  • the bulls failed to break the resistance area $ 165;
  • the price of bitcoin has plummeted, breaking below the support on the lines 160, 152 and 140 dollars;
  • scale 1-hour chart breakthrough took place below the local chart at the point of $ 148.

At the moment Ethereum is trading at $ 139. For the past day the price of the cryptocurrency fell 12 percent.

Technical analysis

At the end of last week, the market gave traders a very good hope for growth — Bitcoin broke above $ 4,000, with altcoins of the top 10, too, began to form a short-term ascending trends. Unfortunately, after a day of euphoria came to an end, and the market has sharply fallen down.

This month the Ethereum could grow to $ 165 where buyers are faced with serious resistance from the bears. On the chart showed up a turn, and cryptocurrency is literally one candle managed to break through multiple lines of support. Some time later, the bulls repelled the onslaught of the sellers in the area of $ 131. The Ethereum rolled a little higher.

Now the asset re-emerged several severe obstacles. First buyers will face challenges in the area of $ 148 and 100 SMA moving average scale 1-hour chart. Note that the Fibonacci 0.5 level, laid on a wave draining from 166 to 131 of the dollar, also $ 148.

Source: TradingView

At the moment to open long positions on the Ethereum quite dangerous. Now it is best to short after unsuccessful attempts to break through resistance. So as not to miss a profitable opportunity, be sure to subscribe to our cryptcat.

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