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Ethereum bears: We're not done yet

ETH finally breaks triple digit mark to the downside.
This breakdown has still some more legs.

Manoj B Rawal Independent Analyst

Ethereum, the erstwhile second largest cryptocurrency and now the third largest one, has finally broken down of the psychologically important triple digit mark and still not done with the crash that has wiped out more than 93 percent of its value from the all time high of $1,421.

ETH/USD is up more than one percent on day at $93.452, sliding from day's high of $96.55. As mentioned on the daily charts multiple times in the past, Ethereum has finally broken down of $100 mark and is now headed towards its target price of $67-70, its just about when and not if.

Immediate resistance is placed around $96, descending trendline on the 60-minute chart and then triple digit psychological mark of $100.

ETH/USD daily chart:

ETH/USD 60-minute chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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