Ethereum overview: ETH/USD may retest $100.00
|- ETH is dragged down by strong sell-off on the cryptocurrency market.
- A move above $104.00 will mitigate the bearish pressure.
Ethereum, the third largest digital asset, stays under $105.00, trading with a bearish bias. The coin has. Recovered from Monday’s low, but it is still over 3.5%lower a day-over-day basis.
All major coins are deep in red, dragged down by worsened sentiments and technical factors. ETH/USD is no exception here. Once the coin broke below psychological $110.00, the downside pressure increased exponentially. ETH/USD touched $102.17 on Monday, which is the lowers level since December 20.
Looking technically, ETH/USD broke below the lower border of the downside channel. If the price fails to return above $104.00 within the next trading sessions, the bearish momentum will gain traction, bringing critical $100.00 into focus.
Further upside may be limited by 23.6% Fibo retracement daily on approach to $105.00. A confluence of intraday SMA levels clustered above the said resistance is likely to discourage speculative buyers; however, once this hurdle is out of the way, the recovery may be extended towards 108.00 and 108.55 (SMA 1-hour).
The Relative Strength Index (RSI) stays close to the oversold territory with no signs of reversal as of yet.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.