Yesterday, the bearish wave in the market saw over $6 billion in market capitalization wiped out. As BTC and many other top coins fell against the USD, so did the third largest cryptocurrency per market capitalization, ETH. During the weekend, the price action for ETH formed three strong supports: one was at $100,00, the other was at $105.00, while the third was at $110.00. Yesterday’s bearish pressure was so strong that the sellers pushed the price below these support levels.
Ether Falls Against The USD And BTC
As ETH fell against the USD, it also fell against BTC, the flagship cryptocurrency. The ETH to USD pair was bearish trading below the support levels at 0.0310BTC and 0.0305BTC support levels. The pair moved close to the support at 0.0300BTC and started consolidating its losses with a new support near 0.0295BTC.
Over the last two hours, the Ether to USD trading pair fell below the significant support that formed around $115.00. This led to more decline. The sellers gathered momentum until they successfully pushed the price below the support levels of $110.00 and $105.00. Declining by more than 8%, the price of ETH formed a new yearly low of $103.14 after which a consolidation started.
Ethereum (ETH) Price Today – BTC / USD
The relative strength index is currently approaching the oversold region and the MACD is bearish. There is significant support at $102.00 and $100.00 while there is significant resistance at $105.00 and $110.00. The resistance on the upside at $105.00 is accompanied by a connecting bearish trendline that has resistance at $105.50. If ETH is able to break this trendline, the price may move upwards to $110.00. If ETH crosses this resistance, the next one will most likely be at the 50% fib retracement level of the last fall from $120.58 to $103.14. Breaking the previous key support which now acts as resistance at $115.00 is important if there is to be a sustainable price rally.
Moving down, ETH will get strong support from the buyers at the $100.00 level which is now a key support according to the price analysis of Aayush Jindal on ETHweekly. Breaking the support at $100 will see the price of ETH fall even lower to the $85.00 level within the next trading sessions.
At the time of writing, ETH was trading at $104.31. This means it is down by 3.97% against the USD and down by 2.21% against BTC. With a trading volume of $3,049,622,027 and a market capitalization of $10,912,020,593, ETH is still the third largest cryptocurrency per market capitalization.
Why Is The Price Of ETH Falling
The ETH price crash isn’t happening in isolation. The entire cryptocurrency market is current under the knife. This started when the price of BTC fell significantly against the USD breaking the physiological support at $3550 even falling as low as $3450. As expected, altcoins started to fall against the USD following Bitcoin’s lead. ETH seems to be feeling the bearish pressure more than other coins and this doesn’t come as a surprise. ETH was already at a bad place when the long-awaited Constantinople fork was shifted to February. It was still struggling to find its ground when the BTC took a nosedive.
Do you think ETH is going to break the key support at $100?
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.