Ethereum Price Analysis: ETH/USD may be set for $100 return
- The Ethereum price on Monday is trading in negative territory by some 0.50%, as the sellers maintain control.
- ETH/USD price action picked up pace to the downside following a breakout and retest of key supporting trend line.
The Ethereum price into the second half of the session on Monday is trading with minor losses of some 0.50%. ETH/USD bears are extending to the downside after crucial supporting trend line breach, sellers are seen across the market.
ETH/USD has been supported to the upside by an ascending trend line, which had been running to the upside since 8th February. The price broke out to the downside on 21st March, which then followed a retest between 22-23rd March, leading to a resumption of selling pressure.
Technically, the next area of support is eyed around the $130 price territory, where a near-term demand area tracks. Should this fail to hold, then eyes will be on a potential fast return to retest the psychological $100 mark to the downside.
ETH/USD daily 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.
