Ethereum Price Analysis: ETH/USD big demand zone is being pressed by the bears
- Ethereum price in the late part of Monday was seen nursing losses of 0.70%.
- ETH/USD price is being kept at current levels by a vital area of demand $117-113.50.
The Ethereum price in the latter part of trading on Monday, was seen nursing minor losses of some 0.7%. ETH/USD price range continues to be narrow and has been the case since 10th January, after the very steep market fall.
A vital demand area has played a huge part in keeping ETH/USD at its current heights. This can be seen tracking from $117 down to $113.50. It has been in play since 27th December 2018, the price has not been below since 22nd December.
Should the bears continue to penetrate the above-mentioned demand zone, it may be forced to give way to some hard selling. A breach will likely see the psychological $100 mark come under serious threat. Some key levels of 4-hour support have been marked up on the chart.
ETH/USD 4-hour chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
