Ethereum Price Analysis: ETH Tumbles, $100 Support At Risk
After multiple rejections near the $107 and $108 resistance levels, ETH price declined sharply against the US Dollar. The ETH/USD pair tumbled and broke the $105 and $103 support levels. There was also a close below the $105 level and the 100 hourly simple moving average. The decline was sharp since the price even broke the last swing low near the $102 level. It opened the doors for a test of the 1.236 Fib extension level of the last wave from the $103 swing low.
About Ethereum (ETH): Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.
Ethereum (ETH) is the 3rd largest cryptocurrency by market cap size. It is down 3.75% over the past 24 hours and is currently trading at $103.71. It can be bought with fiat dollars, credit cards, or debit cards on cryptocurrency exchanges such as Coinbase, CEX.io, and Changelly.
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