- ETH is dragged down by strong sell-off on the cryptocurrency market.
- A move above $104.00 will mitigate the bearish pressure.
Ethereum, the third largest digital asset, stays under $105.00, trading with a bearish bias. The coin has. Recovered from Monday’s low, but it is still over 3.5%lower a day-over-day basis.
All major coins are deep in red, dragged down by worsened sentiments and technical factors. ETH/USD is no exception here. Once the coin broke below psychological $110.00, the downside pressure increased exponentially. ETH/USD touched $102.17 on Monday, which is the lowers level since December 20.
Looking technically, ETH/USD broke below the lower border of the downside channel. If the price fails to return above $104.00 within the next trading sessions, the bearish momentum will gain traction, bringing critical $100.00 into focus.
Further upside may be limited by 23.6% Fibo retracement daily on approach to $105.00. A confluence of intraday SMA levels clustered above the said resistance is likely to discourage speculative buyers; however, once this hurdle is out of the way, the recovery may be extended towards 108.00 and 108.55 (SMA 1-hour).
The Relative Strength Index (RSI) stays close to the oversold territory with no signs of reversal as of yet.
ETH/USD, 4-hour chart
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