Ethereum price analysis: ETH/USD creates short-term high, no $100 breakout as of yet

ETH/USD jumped to $98.90 on Monday before retracing to $93.90 by the time of writing. The third largest digital coin is nearly 10% higher since this time on Monday and mostly unchanged since the beginning of Tuesday amid shrinking volatility. Strong upside momentum is subsiding, all major coins are entering a consolidation phase. 

Notably, the global recovery of the cryptocurrency market helped Ethereum price surpass Bitcoin Cash for the first time ever. Meanwhile, the amount of Ethereum coins in circulation is about six times bigger than Bitcoin Cash coins supply (103 million ETH against 17.5 million BCH).  

Ethereum's technical picture

On the 1-hour chart, ETH/USD has topped at $98.90 (Monday's high) and dropped below an important support level $94.00 strengthened by 61.8% Fibo retracement weekly. Once the breakthrough is confirmed, the sell-off may continue towards psychological $90.00 and SMA50 (1-hour) at $89.50. The next local barrier on the way down is located at $88.00 with SMA200 (1-hour) on approach. 

Further short-term correction looks likely as the  RSI on 1-hour chart has turned to the South, reverting from an overbought territory, while the upside momentum has faded away. 

On the upside, ETH/USD needs to recover above $95.00 handle to be able to retest Asian high at $96.66 and proceed to Monday's high at $98.90. If this area is cleared, $100.00 will come into focus.

ETH/USD, 1-hour chart