2019-1-18 19:54 |
Ethereum Daily Chart – Source: Tradingview.com
Ethereum hugely outperformed from mid- December to early January but has since been underperforming other major cryptocurrencies.
If we draw Fibonacci retracement levels from the December low to the January, the price seems to be finding support at key levels between points.
A bullish increase to start the week met resistance at the 0.382 Fibonacci level, and the price has since retraced to meet support at the 50% retracement level.
If the price drops below this level, support would be expected at $114 which was the point of a significant price surge in late December and also came into play as support a number of times after this.
Ethereum 4-Hour Chart – Source: Tradingview.comThe 4-Hour shows in closer detail how price has been reacting towards the different levels. Price has already tested the 50% retracement level numerous times.
Each test makes the level weaker with progressively fewer buyers to support the level each time.
If price breaks below, it would be likely to find some liquidity at $114 unless there is a really significant bearish break.
A significant break that moves below both $114 and the 0.618 Fibonacci level at $111 means the next levels to monitor would be $100 and the 2018 low at $81.
Key Takeaways: Ethereum has been underperforming other major cryptocurrencies. The price is currently meeting support at the 50% retracement between the December low and the January high. Support is likely to come into play at $114 if the price breaks below with liquidity after already coming into play in the previous trading at this point. Levels to monitor if a significant downward movement takes place are $100 and the 2018 low at $81. Latest Ethereum News:Ethereum Price Analysis: ETH Fails to Overtake XRP in Market Cap Rankings
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