Ethereum Price Facing Ultimate Correction To $100: What Will Save The Bulls?

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Ethereum Price Facing Ultimate Correction To $100: What Will Save The Bulls?

  • Ethereum price rejected at $135, struggles to find balance at $130 in a bid to avert declines towards $100.
  • Besides the resistance at the 100 SMA, ETH/USD will face more hurdles at the descending trendline, $135 and $140.

Ethereum price recently corrected lower after facing acute resistance at $142. The decline shattered several support levels including $135, $130 and $125. However, the weekend bearish action took a breather at $124, allowing the bulls a chance to push for reversal.

On Monday, a bullish wave swept across the market giving the buyers a boost above $130. Although their eyes were glued on $140, the momentum lost steam below $136. At the time of writing, Ethereum price is exchanging hands at $130.80 following a 1% loss on the day from $132.32 (opening value). The Asian session was marked with a brief buyer takeover, however, an intraday high at $134.45 marked the end of the bullish action.

All the top three cryptocurrencies are in the red led by Ethereum. Ripple (XRP) has corrected lower by 0.33% on the day while Bitcoin (BTC) is down 0.18%. Ethereum price is on the verge of a dire breakdown if it slides under $130 immediate support.

ETH/USD 2-hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

The bearish momentum is emphasized by the Relative Strength Index (RSI)’s retreat from highs above 60. The sharp drop signals that selling activity is gaining momentum fast. The 50 Simple Moving Average in the 2-hour range falls in line to offer support. Other key support areas include the weekend support at $124, $120, $110 and the critical $100.

The bulls need to work hard and defend the support at $124 if $130 caves in. This will go a long way to avoid unnecessary pressure at $120 and $110 buyer congestion zones.

Ethereum Key Levels

Spot rate: $130.46

Relative change: -1.76

Percentage change: -1.32%

Trend: Strongly Bearish

Volatility: Expanding

Summary
Ethereum Price Facing Ultimate Correction To $100: What’s Going To Save The Bulls?
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Ethereum Price Facing Ultimate Correction To $100: What’s Going To Save The Bulls?
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Ethereum price rejected at $135, struggles to find balance at $130 in a bid to avert declines towards $100. Besides the resistance at the 100 SMA, ETH/USD will face more hurdles at the descending trendline, $135 and $140.
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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 520 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @