Ethereum Price Action – ETH Tests Key Support Near $100 Level
Ethereum is currently testing a support a level just above the key $100 level.
$102.7 is coming into play support and price has already tested the level a number of times.
The price fell to this level after a brief recovery which took place on Wednesday failed to overcome resistance at an important Fibonacci retracement level.
If Fibonacci retracements are drawn from the December low to the January high, the 0.618 level acted as a point of buyer liquidity before the price dropped below during the bearish movements that started the week.
Price quickly started trading away as it approached this level during Wednesday’s recovery showing traders rejecting valuations close to this level.
The Ethereum 4-hour chart shows price already after testing $102.70 a number of times.
Each test makes the level weaker with fewer buyers to hold the level each time.
If the price drops below this level, the next potential support level to monitor is $92.50.
This level acted as resistance in early to mid-December and may act as support if the price drops down to this point.
- Ethereum is trading at a key support level at $102.70 and has already tested it a number of times.
- Each test of the level makes it more likely that price will drop below.
- To the upside, price appears to be meeting resistance at the 0.618 Fibonacci retracement level.
- If the price drops below its current support, the next level to monitor is $92.50.
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