Ethereum Price Analysis: ETH going to fall below $100?

5 months ago

Technical Indicators:

Support Level – $100

Resistance Level – $105

  • Ethereum price fell down to test the $100 support level and later showed signs of recovery.
  • There is a bearish pattern line formed with resistance around $105 on the hourly chart.
  • Strong resistance is formed around $105 and the 100 hourly SMA.

Ethereum price started correcting higher after testing the support around $100. The strong resistance around $105 and $106 will probably push the price back downwards.

Ethereum Price Analysis

Yesterday. Ethereum price fell beneath the $105 support. ETH declined quickly underneath the $105 support level towards the $100 support level. Ethereum settled underneath the $105 level and the 100 hourly SMA. Subsequent to testing the $100 support, Ethereum price began a correcting upwards.  The price confronted the new major resistance around $105 and the 100 hourly SMA.

ETHUSD Price Chart

There is a bearish pattern line formed with resistance around $105 on the hourly chart of ETH/USD. The pair is as of now solidifying underneath the pattern line, $105 and the 100 hourly SMA. For a good recovery, the price must break the resistance around $105 and the 100 hourly SMA. Even after the $105 resistance, there is strong resistance at $106 as well as $017.  If Ethereum is unable to move above these resistance levels, it could continue its decrease below $100.

Taking a look at the chart, ETH price is facing a lot of resistance between $105 and $107 due to which there is a possibility of a sudden drop towards the $100 support level.

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