Ethereum (ETH) Price Analysis: Ether Drops To $1,107 Low After Rejection From $1,300

Key Highlights
Ethereum fluctuates between $1,100 and $1,300
Ethereum slumps to $1,020 low and pulled back

Ethereum ETH) Current Statistics
The current price: $1,124.16
Market Capitalization: $127,550,407,568
Trading Volume: $43,661,698,649
Major supply zones: $1,100, $!,200, $1,300
Major demand zones: $600, $500, $400

Ethereum (ETH) Price Analysis January 11, 2020
Today, Ethereum has plunged to $1,020 low and pulled back. It appears the selling pressure will persist. On the downside, if the price falls and breaks the $1,060 support, the coin will continue its fall to the $880 low. The coin has previously fallen to $1,060 low and resumed upward. Ether downward move began when the bulls failed to break the $1,300 resistance on January 9.

ETH Technical Indicators Reading
Ethereum is falling and approaching the bullish trend line. If the price breaks and closes below the trend line, it is assumed the trend has reversed. Ether is at level 65 of the Relative Strength Index. The altcoin has fallen because the coin is in the overbought region of the market. The RSI has dropped from level 89 to 65.

Conclusion
The crypto has fallen after its rejection from the recent high. The Fibonacci has indicated a further downward movement of the coin. On January 10 downtrend; a retraced candle body tested the 50%% Fibonacci retracement level. It indicates that the market will fall to level 2.0 Fibonacci extensions or the high of $1107.19.



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