New buyers wait for Ethereum below $100; ETH/USD recovers strongly from $95.17

  • ETH/USD drops below $95.00; no follow through.
  • Ethereumd Lublin announces ConsenSys restructuring.

Ethereum dropped to $95.17 during early Asian hours before recovering to $103.82 by the time of writing. The third largest coin by market value has lost 4.6% in recent 24 hours; however, an upside correction is gaining traction as the price managed to clear a local resistance at $102.40/50 created by SMA5 and SMA50 (15-min). 

Ethereum’s technical picture

From the short-term perspective, ETH/USD is still capped by $110.00 with SMA100 (1-hour) settled right above this area. An additional hurdle is created by 61.8% Fibo retracement level (daily) and SMA 50 (1-hour) at $107.00/20, and  Once this area is cleared, the price may continue growing towards Tuesday’s high at $113.52. 

On the downside, the first support is created by former resistance at $102.20/00. It is followed by a strong barrier on approach to $101.00, reinforced by Bollinger Band 15 min Lower and  Bollinger Band 4 hour Lower. If it is cleared, the sell-off will continue towards psychological $100 and to the Asian low at $95.17 

Ethereum cofounder and ConsenSys CEO Joseph Lubin announced plans to restructure ConsenSys in the view of the recent slump on the cryptocurrency market that saw Ethereum collapse by more than 50% in November and pushed ETH to the third place in the rating of digital assets. 

According to Lubin, ConsenSys, and ethereum-based development studio enter a new phase with a focus on efficiency and accountability. The company will exclude all underperforming ConsenSys projects, while the department responsible for venture investment will have functions similar to startup accelerator.

ETH/USD, 1-hour chart

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