ETH Price Support Level

Yesterday we saw a downside reaction in ETH price below the previous support level of 105$. Based on the hourly chart analysis, the RSI is nearing towards the over-bought range and may trigger a short term sell-off near the range of 105$.

From the daily RSI level, ETH is nearing towards the oversold range. RSI value near 30 could turn the wave and might trigger buying activity. However, If RSI continues to go below 30, it could mean weakening support and may trigger a further price to near 100$.

Despite a big share of loss on dApps user base to EOS / TRX and no much utility of ETH network for ICO fundraising purpose, ETH network valuation is currently higher than BTC and EOS.

This could mean high support for ETH for the short-term. Given that ETH NVT value is above 20 thresholds, it could trigger a price correction in near future.

Much of the hourly movement in ETH could depend on market sentiment, which is mostly driven by BTC price moves.  Currently, the BTC price looks to support at the 3360$ price range. An upward movement in BTC (if it happens) could break the ETH resistance zone near 105$.

Disclaimer: This is not financial advice.