- Ethereum hit hard by the market bears on Monday, dropped over 6.5%.
- ETH/USD price action has recently formed a doji candlestick via the 4-hour, possibility of near-term reversal.
Ethereum price on Monday was hammered over 6%, as the bears returned to the market in full force. This coming after a long-period of range-bound and muted trading. There was a large lack of commitment from participants.
Given the extent of time ETH/USD had traded within the narrow range, an explosive breakout was almost certain to happen. The bears manage to come out on top of the breakout, after key support around $113-111 was breached.
Within recent trading via the 4-hour view, price action has formed a doji candlestick, signalling a potential near-term reversal. Looking at the 4-hour confluence detector for possible barriers to the upside; $107.60 (daily pivot point), $109.36 (monthly pivot point) and $109.95 (daily pivot point). Aside from the noted, there isn’t much in terms of big resistance until $120 area.
ETH/USD 4-hour chart
ETH/USD 4-hour confluence
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