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Ethereum Price Analysis: It looks like ETH/USD might attack 1.00 again

  • Ethereum is over 11% lower on Monday after another poor day for cryptos.
  • The pair tested 1.00 last week and it looks set to have another go.
Ethereum Price Analysis: It looks like ETH/USD might attack 1.00 again
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

ETH/USD daily chart

Ethereum has been once of the worst-hit cryptocurrencies during the recent sell-off. Now the pair is looking weaker again at the start of the trading week as ETH/USD trades over 11% lower during another bout of weakness. The low the price hit 4 days ago was approximately 90.00 according to data from Coinbase. Now, this level could be a support zone if the pair dips again.

Looking at the chart below, the recent move back up looking like a dead cat bounce. If this is the case it means the weakness is due to resume again and 1.00 could break once more. On the topside, 120.00 could act as a near term resistance if the price moves back up and could be a selling zone. There is also an internal trendline to watch and if the price meets the resistance point at the same time as the trendline it would make the rejection level even stronger.

Ethereum dead cat bounce

Additional levels

ETH/USD

Overview
Today last price112.93
Today Daily Change-10.62
Today Daily Change %-8.60
Today daily open123.55
 
Trends
Daily SMA20202.14
Daily SMA50217.55
Daily SMA100180.51
Daily SMA200178.97
 
Levels
Previous Daily High133.93
Previous Daily Low120.22
Previous Weekly High237.78
Previous Weekly Low89.65
Previous Monthly High288.7
Previous Monthly Low179.06
Daily Fibonacci 38.2%128.69
Daily Fibonacci 61.8%125.46
Daily Pivot Point S1117.87
Daily Pivot Point S2112.2
Daily Pivot Point S3104.17
Daily Pivot Point R1131.57
Daily Pivot Point R2139.6
Daily Pivot Point R3145.28

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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