Yesterday the Ethereum made a sharp reversal on the chart, broke through some key resistance and fell below $ 140. In fact the main reason for the fall of cryptocurrency was the discharge of Bitcoin, which has dragged down all the other altcoins.
The General situation looks like this:
- the bulls failed to break the resistance area $ 165;
- the price of bitcoin has plummeted, breaking below the support on the lines 160, 152 and 140 dollars;
- scale 1-hour chart breakthrough took place below the local chart at the point of $ 148.
At the moment Ethereum is trading at $ 139. For the past day the price of the cryptocurrency fell 12 percent.
At the end of last week, the market gave traders a very good hope for growth — Bitcoin broke above $ 4,000, with altcoins of the top 10, too, began to form a short-term ascending trends. Unfortunately, after a day of euphoria came to an end, and the market has sharply fallen down.
This month the Ethereum could grow to $ 165 where buyers are faced with serious resistance from the bears. On the chart showed up a turn, and cryptocurrency is literally one candle managed to break through multiple lines of support. Some time later, the bulls repelled the onslaught of the sellers in the area of $ 131. The Ethereum rolled a little higher.
Now the asset re-emerged several severe obstacles. First buyers will face challenges in the area of $ 148 and 100 SMA moving average scale 1-hour chart. Note that the Fibonacci 0.5 level, laid on a wave draining from 166 to 131 of the dollar, also $ 148.
At the moment to open long positions on the Ethereum quite dangerous. Now it is best to short after unsuccessful attempts to break through resistance. So as not to miss a profitable opportunity, be sure to subscribe to our cryptcat.
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