Two weeks ago, the Ethereum price was turned down around the $125 - $126 resistance level over the USD. ETH/USD begun a big downward trajectory and changed hands below the $100 support level. Ethereum sellers adjusted the ETH price below $100 level. A new annual low was created close to $80 and thereafter, the price surged.
On Monday, December 10, ETH went back down and is now below $90 once more. This comes a time when a flagship crypto, Bitcoin (BTC) plunged back to around $3,400 and other cryptos laying horizontal. The decline in crypto prices has led market cap to stand at around $108 billion.
At press time, ethereum is trading at around $90 and is down by 0.65% according to the data from coinmarketcap. ETH needs to trade above $100 in order to bring back the lost confidence in the market.
Recently, ETH hit a new annual low of around $84, but it hastily recovered from that position. Analysts hope that the coin won't go back to its high position, however, if ETH is to rise and surge again over the $100 price level, then it has to find support as quickly as possible and muster and rebound over $90.
To take you back to December 9, 2018, the chart below shows that ETH was in a big downward trend below the price levels of $105 and $114. According to the rate of trend, it was clear that ETH would see below $80. The next major support was at price level $72 and $65.
However, Ethereum isn’t suffering alone, Ripple (XRP) is also stagnant at the $0.3 price level and it has rebounded from the $0.29 level. XRP is still in the second position and Bitcoin (BTC) in the first position. BTC is trading at $3,454, and it needs to trade above $3,500 in order to drive away fret among traders and market at large.