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.
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.
