Where Is Ethereum Heading Next: $100 Or $150?

Crypto market has taken a heavy toll on Alt coins when Bitcoin broke its long term support of $6000 and started its Bearish run towards $4000 level. Majority of Alt coins have retraced to almost 100% from their Ath's. But the most surprising fact is that Ethereum is also among those Alt coin list. 

Ethereum (ETH) is also dropping like crazy since a week or so as soon as Bitcoin started its bearish run. We have already seen 40% decline in eth price since Bitcoin broken $6000 level. Currently ETH is trading around $125 but its Bullish run chances are pretty bleak. 

So, let's have a look at the chart:

As we can see in the chart above, ETH is testing $125 level for almost 2-3 days now and there's no Bullish volume to confirm its reversal. 

• Daily RSI levels are in 19, which is extremely Bearish. Still, this RSI level doesn't indicate any kind of reversal, instead it indicates that Bearish strength in very high right now. 
• For a brief consolidation, ETH can plummet again and this time, the target would be pretty low. A real capitulation can happen if ETH drop with volume from current level. 
• If ETH drops from current price, then first level of support would be $100 and then $60-65 which could be pretty disastrous for ETH image.
• If ETH rises from current price, the first level of resistance would be $150 and then $167, but the chances of reversal are pretty low.

So, trade accordingly with these levels (support & resistances) and always use stop loss.

Thanks for reading.

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