During the current weeks sellers Ethereum will seek to break the support price of cryptocurrency on the boundary for the medium-term uptrend level – $111,20.
The four-hour chart the ETH/USD
Bearish breakout of the support Ethereum on the level of correction 50,0%-$of 120.60 threw quotes cryptocurrency below the local level of $117,80.
Attempts by buyers during the afternoon of the auction to fix a price above the marked level remained unsuccessful. The bears quickly managed to consolidate sufficient volumes on a dynamic level line EMA14 with the current value of $118,50.
At the time of analysis of the market for a pair of ETH/USD is trading at $116,30. The pair remains in a narrowing range with a lower limit at $115,60. These technical indicators indicate fatigue of buyers.
Considering the increasing General market bearish sentiment and a strong downtrend, a short course of Ethereum, we should expect that the bears in the course of trading on January 21-22 break weakened the price support level 115,60 and reach short-term goals at $111,20 level of the price correction of 61.8%.