Bears aim to break support Ethereum at the level of the price $of 120.60 before the end of the trading session on January 16.
The four-hour chart the ETH/USD
Attempts of bulls to break away from the level of the price adjustment Ethereum 50,0%-$of 120.60 during the trading session on January 16 were in vain. The sellers instantly and increased volumes on sales, driving quotes ETH/USD below the dynamic level of the moving average line EMA14 with the current value of $122,78.
At the time of the market review Ethereum is trading at $121,65. These technical indicators indicate the willingness of sellers ETH to move into an active attack to break the support prices in the narrow range $of 120.60-119,40.
Values of relative strength index are below level 40, in the field of active sales, the indicator line crosses from the bottom up moving average line EMA14. The current price of Ethereum is under pressure EMA14.
In the case of breakdown of support the pair of ETH/USD probably at least to $116,70 at the level of the local minimum rates from January 15. Deeper decline of quotations will provide the bears a chance at the auction on January 17 to test support at the level of the price adjustment of $111,20.