- ETH/USD crashed below critical support area.
- The short-term picture is negative, $100.00 within reach.
ETH/USD crashed to $101.12 during early Asian hours, which is the lowest level of 2019. While the coin managed to recover to $102.50 by the time of writing, it is still 4% cheaper than the day before.
A sustainable move below $105.50 (lower boundary of the long-term channel) deteriorated the technical picture and brought $100.00 back in focus.
ETH/USD daily confluence detector
ETH/USD daily confluence detector implies that the path to the South is virtually free with only two minor barriers on the way to new lows:
- $100.00 – psychological level strengthened by the lower boundaries of Bollinger Bands on a daily and hourly charts, Pivot Point 1-month Support 1.
- $95.00 – Pivot Point 1-week Support 2.
The upside is crowded with strong resistance levels. The nearest barrier is located right above the current price. It is strengthened by the lowest levels of the previous week and month. The following resistance levels are:
- $116.00 guarded by 23.6% Fibo retracement weekly, SMA100 15-min, Pivot Point 1-day, Resistance-1.
- $107.10-$107.50: midline of Bollinger Band on 4-hour chart, 38.2% Fibo retracement levels both on weekly and daily charts, 38.2% Fibo retracement weekly, SMA 200 on 1-hour chart.
- $108.00: pivot point 1-day resistance 1 the previous day high.
- $110.50: 4-hour upper Bollinger band, 61.8% Fibo retracement weekly.