Both BTC and ETH are currently exchanging at critical support levels, and any more shortcomings in the short term could lead to huge capitulation selling, which could lead to a drop in the cryptocurrency.
Analyzing Ethereum, experts note that the basic level of support is $140 and that a break below this level is leading to a fall in ETH by more than 30% and focus may be on the price level of $100.
At the hour of composing, Ethereum depreciates by 4% at its present value of $123, which means a slim drop from the daily top of $132 recorded as at yesterday’s trading activity.
ETH has set a fantastically narrow range of exchanging in recent days and weeks, which initially started after the digital currency recorded a huge drop to lows of $120 at the end of November.
In recent weeks, this trading range has been limited somewhere in the range of $140 to $150, with crypto detecting support at the lower limit and barriers at the upper limit.
The price of Ether is likely to fight for a long time. Anyway, if the advanced money can overcome its barrier levels, it may have the opportunity to consolidate its price – if not, the cryptocurrency may plunge below the price level of $100.
In general, Ether can temporarily fluctuate, but it is in danger of new misfortunes until a breakthrough occurs above the price level of $151. As for the most terrible cryptocurrencies from the Big Five, yesterday it was Ethereum; it fell over 7.05%, which led to its price near the level of 119.50 US dollars. None of the coins recorded a bullish move, indicating the rapid push of the bearish market.
ETH/USD Attempts at the Deep with Eyes for the Price Level at $100
Supply Levels: $120, $100, $80
Demand Levels: $150, $140, $130
ETH/USD lost almost 15% of its value in just two days. At the time of writing, the second-largest digital asset is trading at $123.25. At the beginning of the day, ETH/USD checked the price level at $120.54, which is the lowest level since December 2018. Ethereum is one of the top 10 worst altcoins, as a breakthrough in vital support boosted bearish pressure. On the daily chart, ETH/USD fell by about 7%.
In the long term, a steady movement below the price level of $119.50 may lead to a further fall to the December 2018 low, reached at a price level of $80.00. The downward RSI (Relative Strength Index) confirms this bearish view.
On the other hand, a steady movement above the price level of $130 may allow a sustained recovery to the price level of $140.00 and $150.00.