Ethereum Price Analysis: ETH/USD hovers around $110.00, a sell-off towards $100.00 is a possibility
|- ETH/USD is vulnerable to new sell-off below $100.00.
- The recovery above $123.00 will help to mitigate the initial pressure.
ETH/USD dropped to $105.78 before recovering to $110.80 by press time. The second-largest digital asset with the current market value of $12.5 has lost over 10% since the beginning of Monday, moving in sync with the market. Ethereum's average daily trading volumes exceeded $13 billion as reported by CoinMarketCap.
Notably, no holders are making money at current ETH prices and only 4% are around their breakeven point. A number of large transactions also dropped significantly, which nay signal that large investors stay away from the market now.
ETH/USD: Technical picture
ETH/USD returned inside the Bollinger Band on a 1-hour chart. It means that the recovery may slow down at this stage if there are no new positive triggers. The initial barrier is created by psychological $120.00, which is followed by $123.00 with SMA50 1-hour located above this level. Once it is out of the way, the upside is likely to gain traction with the next focus on $128.00 (SMA100 - 1-hour) followed by psychological $130.00.
On the downside, the support is created by 110.00, which is followed by the intraday low of $105.78. This level may slow down the move, however, if it is broken, $100.00 will come into view with $99.00 followed by $81.90 (the lower line of the weekly Bollinger Band).
ETH/USD 1-hour chart
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