Ethereum market update: ETH/USD struggles at $105.00

ETH/USD is hovering around $105.00 handle, off the early Asian low at $104.31. The third largest coin with the current market cap of $11B has lost over 3.5% of its value in recent 24 hours, ready to finish the third bearish week in a row. 

Ethereum rose a high as $163.22 in January, but the upside was caused by speculative positioning ahead of Constantinople update. Thus the positions were reversed after the developer team announced the delay. 

Now ETH/USD is drifting lower in sync with the rest of the market. 

Looking technically, the further price developments hinge on the coins ability to regain $110.00 handle. This resistance is regarded as a key for a sustainable short-term recovery, that will open up the way towards $123.50 (DMA50) and $141.60 (DMA100). A sustainable move higher will signal that the upside recovery is here to stay.

On the downside, the first major support comes at $102.17 (January 2019 low). If it is broken, the sell-off may continue towards $100 and to December 2018 low at $82.00.