ETH Likely To Face More losses
ETH Likely To Face More losses – From the top near the $98-$100 zones, ETH price started a bearish wave against the US Dollar. The pair declined and traded below the $95 support and the 100 SMA. It opened the doors for more losses and the price recently broke the $92 and $90 support levels. Sellers then pushed the price below the $88 pivot level.
ETH Likely To Face More losses – The pair traded at $85 recently and it is currently consolidating losses. Initial resistance is near the 23.6% Fib retracement level of the recent decline from the $99 swing high to $85 low. The major hurdle is near the $91 level and the 100 SMA. Above $91 the triangle resistance trend line is positioned at $93.
From the above chart, the ETH price is clearly facing a lot of hurdles starting at $91 and up to $93. A close above the $93 level is needed for a decent recovery. If not the price could break the $85 swing low and it may even test $80. MACD is placed in the bullish zone and RSI is currently placed below the 50 levels.