The troubles continue for Ethereum as the cryptocurrency remains under the $100 psychological support level. Although the market may have seen a small +4.20% price increase over the past 24 hour trading period the cryptocurrency still is trading at a price of around $88.59, at the time of writing.
- Ethereum troubles continue to struggle as price action sits below $90.
- The market continues to head further lower creating fresh yearly lows.
- Support moving forward; $84.40, $84.10, $80.25, $70, $68.83, $64.55, $52.41.
- Resistance moving forward; $98.90, $100, $111.65, $130.83.
The market has seen a drastic -23% price decline over the previous 7 trading days and a further -58% price decline over the past 30 trading days.
Ethereum is now ranked in 3rd position, behind Ripple, with a total market cap value of $9.30 billion. The 40 month old project is now trading at a price that is 93% lower than the all time high price.
ETH/USD – SHORT TERM – 4HR CHART
Taken From TradingView
Analysing price action from the short term perspective above we can clearly see the devastation for the Ethereum market throughout November and the first few days during December 2018. The market had fallen a significant 55% from a high above $220 in November 2018 to a low just above $100 by the end of the month.
As December 2018 continued to trade, the market fell even further lower by a total 35% so far as the cryptocurrency breaks below the $100 and $90 support levels.
We can see that the downtrend had found some support at a combined area of support provided by a a long term downside 1.618 Fibonacci Extension level (Drawn in green) and a medium termed downside 1.414 FIbonacci Extension level (Drawn in purple) both priced at the $84 handle.