Ethereum Price Analysis: ETH in risk of crashing

5 months ago

Technical Indicators:

Real Support Level – $100

Significant Resistance Level – $105

  • Ethereum price had a sharp decline and broke the major support around $105 against the US Dollar.
  • There was a break underneath a noteworthy bullish pattern with support at $105 on the hourly chart.
  • Ethereum crashed towards the $100 support area and it is as of now is in risk of falling further below.

Ethereum price declined sharply against the US Dollar as well as bitcoin. ETH/USD is currently in danger of further declines underneath $100 and $98 support levels in the short term.

Ethereum Price Analysis

Ethereum price was unable to break the $107 and $108 resistance levels and thus had a sharp decline against the US Dollar. The selling pressure broke the $105 and $103 support levels. The decrease was very sharp as the price even broke the last swing low around $102 level.

ETHUSD Price Chart

All the more essentially, there was a break beneath a bullish pattern line with support at $105 on the hourly chart. The support around $100 support level proved a little strong as buyers gathered around this point. Currently, the price is rectifying higher over $101 level. There are numerous sellers on the upside between $103 and $105. The previous support around $105 level has now turned into the new resistance.

Taking a look at the chart, Ethereum price is under a risk of falling after breaking the major supports around $107 and $105. Thus there is a danger of Ethereum falling beneath the $100 and $98 supports in short term.

Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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