- ETH is under pressure due to the global cryptocurrency market sell-off.
- A move below $106.60 will bring $100.00 into focus.
Ethereum, the third largest digital asset, is changing hands at $107.80 with a bearish bias. The coin has lost over 5.5% of its value on a day-over-day basis amid strong sell-off on the cryptocurrency market during early Asian hours on Monday.
With all major coins nursing big losses, Ethereum is dragged down due to technical factors and worsened sentiments.
Looking technically, ETH/USD came close to the lower border of the recent downside channel. A sustainable move below psychological $107.00 and $106.70 will set the bearish snowball rolling and bring critical $100.00 into focus.
The coin will need a strong bullish momentum and a move above $117 (SMA50, 4-hour) to mitigate the selling pressure and proceed to the upper border of the above-said channel currently at $120.70. This is the ultimate mid-term resistance also strengthened by SMA100 (4-hour).
The Relative Strength Index (RSI) is in the oversold territory, which means that an upside recovery is inevitable.
ETH/USD, 4-hour chart
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