Ethereum grinds lower below $100: Have the bulls lost it?

Ethereum bulls lick their wounds but bears continue with the battering.
ETH/USD could test the yearly lows while further breakdown could form new lows towards $90.00.

Ethereum has dropped below the $100 mark for the second time in less than 24 hours. This current market trend seems to be exhaust ting the bulls who have been on the receiving end since November. ETH/USD is still correcting lower at the time of writing and is down 3.47% on Thursday.

The $10 billion digital asset is now sitting comfortably in the third position after Ripple’ s XRP overtook it last month. It has a 24-hour exchange volume of $2 billion. The trading volume is on the rise as the selloff enters the fourth week.

There was a slide yesterday where Ethereum broke below the support at $100 to trade lows of $95. A bounced occurred almost immediately but the bulls have not been able to sustain growth above $100. The bearish trendline is capping gains on the hourly timeframe chart. In addition to that, the 50 SMA is still below the 100 SMA to show that seller dominance is on the rise.

Indicators like the relative strength index are heading into the oversold, 30 percent mark while the MACD signal line is advancing deeper in the negative zone, Ethereum is primed for losses that could test the 2018 lows and even form new lows in the short-term. On the flipside, a reversal above $100 will see the price recover towards $120 and the medium-term resistance level at $130.

ETH/USD 1-hour chart

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