By
Benjamin Njiri
April 23rd, 2024
ETH/USD lost almost 15% of its value in just two days. At the time of writing, Ethereum, the second-largest digital asset, is trading at $123.25.
Recently, Ethereum has been deliberately following Bitcoin‘s price activity, which generally shows a selling sentiment.
Both BTC and ETH are currently exchanging at critical support levels, and any more shortcomings in the short term could lead to huge capitulation selling, which could lead to a drop in the cryptocurrency.
Analyzing Ethereum, experts note that the basic level of support is $140 and that a break below this level is leading to a fall in ETH by more than 30% and focus may be on the price level of $100.
At the hour of composing, Ethereum depreciates by 4% at its present value of $123, which means a slim drop from the daily top of $132 recorded as at yesterday’s trading activity.
ETH has set a fantastically narrow range of exchanging in recent days and weeks, which initially started after the digital currency recorded a huge drop to lows of $120 at the end of November.
In recent weeks, this trading range has been limited somewhere in the range of $140 to $150, with crypto detecting support at the lower limit and barriers at the upper limit.
The price of Ether is likely to fight for a long time. Anyway, if the advanced money can overcome its barrier levels, it may have the opportunity to consolidate its price – if not, the cryptocurrency may plunge below the price level of $100.
In general, Ether can temporarily fluctuate, but it is in danger of new misfortunes until a breakthrough occurs above the price level of $151. As for the most terrible cryptocurrencies from the Big Five, yesterday it was Ethereum; it fell over 7.05%, which led to its price near the level of 119.50 US dollars. None of the coins recorded a bullish move, indicating the rapid push of the bearish market.
ETH/USD Attempts at the Deep with Eyes for the Price Level at $100
Supply Levels: $120, $100, $80
Demand Levels: $150, $140, $130
ETH/USD lost almost 15% of its value in just two days. At the time of writing, the second-largest digital asset is trading at $123.25. At the beginning of the day, ETH/USD checked the price level at $120.54, which is the lowest level since December 2018. Ethereum is one of the top 10 worst altcoins, as a breakthrough in vital support boosted bearish pressure. On the daily chart, ETH/USD fell by about 7%.
In the long term, a steady movement below the price level of $119.50 may lead to a further fall to the December 2018 low, reached at a price level of $80.00. The downward RSI (Relative Strength Index) confirms this bearish view.
On the other hand, a steady movement above the price level of $130 may allow a sustained recovery to the price level of $140.00 and $150.00.