Before the end of the first session of the new trading week, the bears "pushed through" the EH / USD quotes below the third key support level of $ 104.50. The immediate goal of the merchant sellers is the psychological price level of $ 100.00.
Four hour ETH / USD chart
For the ETH / USD pair, the key Fibonacci support-resistance levels for the trading period January 28-February 3 were calculated:
- trend reversal level – $ 113.70;
- support levels – $ 110.20 / $ 108.00 / $ 104.50;
- resistance levels are $ 117.00 / $ 119.40 / $ 123.00.
At the time of the market review, the daily minimum of the Etririum price is fixed at $ 100.90. The ETH / USD pair is trading at $ 103.90.
Bulls in the market of ethereum are trying to restore the price of cryptocurrency above the third key support level of $ 104.50. The nature of the price movement indicates that sellers above the designated level have consolidated large volumes for sale, and buyers have exhausted their reserves for recovery from a new thirty-day low price.
There is a high probability of rebounding the cryptoactive price from $ 104.50 to the end of the current session.
We believe that during the trading session on January 29, the correction of the etirium price will end with a breakdown of the psychological level of $ 100.00 with a decrease in the quotes of the ETH / USD pair to at least $ 98.50 at the historical support level.