We saw a huge drop yesterday in bitcoin, ethereum, ripple and other altcoins. The price of ETH decreased by almost 30 percent and broke several major supports near $1,120 and $1,050.
There was also a break below the support level of $1,000 and the price was trading close to the level of $900. A swing low was created near $912 before a fresh rise began in the market. It seems that the last swing area near the $900-920 range was defended by the bulls.
The price of Ether is up over 10 percent and it trades just over $1,000. There was a break over the downside correction’s 23.6 percent Fib retracement stage from the $1,352 swing high to the $912 swing low.
The amount, however, faces challenges near $1,130 and the 100 hourly simple moving average. A big bearish trend line with support around $1,130 on the ETH/USD hourly chart is also in place. The trend line is close to the downside reversal of the 50 percent Fib retracement stage from the $1,352 swing high to the $912 swing low.
According to newsbtc.com, the ether price must clear the trend line support, $1,130, and the 100 hourly simple moving average to launch a fresh rally. The next major strength over $1,130 is close to the $1,200 mark.
If ethereum fails to clear the resistance of $1,130 and the 100 hourly simple moving average, a fresh decline could begin. The initial downside support is close to the $1.050 mark.
The first primary support is near the amount of $1,000. In the coming sessions, a downside fall below the $1,000 level could likely begin a new decline into the $900-$920 support zone.
