Bears are consolidating volumes for sale Ethereum to absorb support of the price of the cryptocurrency at $120,00.
The four-hour chart the ETH/USD
At the end of trading on Ethereum 11 January fell sharply the volume of trading in cryptocurrency, which in turn affected the volatility of the instrument. During the current session a pair of ETH/USD traded in the range of $127,00-124,60.
At the time of the review of the market pressure on the price of Ethereum has a moving average EMA14 with the current value of $128,80. The scenario of growth of quotations of the pair even before the designated dynamic resistance level, seems unlikely.
The possibility of break out resistance at the 38.2% retracement level-$130,00 without increasing the influence of fundamental factors in the current market situation is not considered.
The weakness of support for market prices Ethereum is confirmed by the relative strength index. RSI14 values remain in the oversold indicator line from the border region turns down.
Aggregate data technical indicators give reason to assume that at the auction on January 12-13, Ethereum bears will test the support price level is $120.00.