After an extremely bullish start to 2019 for Ethereum, there was a swift return to underperformance for the cryptocurrency last week.
Last weeks underperformance resulted in Ethereum dropping to the position of third largest cryptocurrency by market cap with Ripple’s XRP overtaking it for the second position.
The bearish movements last week resulted in Ethereum dropping below two key levels where some support may have been expected to come into play.
It first dropped below $140 which was an important area in recent price action and provided resistance while Ethereum underwent its late December to early January outperformance.
Price action continued to drop below $128 which was an important area of consolidation during bearish drops in mid-November.
Price action is currently holding above $114.
This point represents the low of the last week of price action trading in December.
Price managed to hold above this point during the bearish movements recorded yesterday.
If the price does drop below $114, buyer liquidity will be expected to come into play between $100 and $107.
This has been an important area of liquidity in the past with price either quickly reversing upon entering the territory or price action quickly going through it.
- Bearish price action in Ethereum last week resulted in it dropping below two key levels – $140 and $128.
- Ethereum is currently meeting support at $114.
- If Ethereum drops below $114, buyer liquidity expected at $100 to $107.