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  • Ethereum price on the back foot once again on Tuesday, nursing steep losses of 4%.
  • ETH/USD bounced around a double bottom pattern formation, testing the $100 level to the downside, but buyers protecting.
  • $100 is heavily under threat, which could open the flood gates to a new wave of selling.

ETH/USD 4-hour chart  

 


 
 

Spot rate:                   104.49

Relative change:       -4.37%

High:                          108.94

Low:                           101.06

 

Trend:                         Bearish

 

Support 1:                   101.06, double bottom.

Support 2:                   96.71, daily pivot point support.

Support 3:                   88.48, daily pivot point support.

Resistance 1:              117.12, breached trend line.

Resistance  2:              119.61, neckline of double bottom.  

Resistance  3:              125.36, daily pivot point resistance.

 

ETH/USD 60-minute chart

  • Bears are testing that bottom area to the downside, which could see the flood gates open below the $100 mark.