There was always fear that Ethereum (ETH) might actually break $ 100. That happened today. The low which it created was $ 98.31. Currently, it is trading slightly above $ 100. However, now that the support of $ 100 is broken, it seems like the bears are in complete control of Ethereum (ETH).
Bears rule the roost in Ethereum (ETH):
The overall cryptocurrency market cap has also fallen to $ 120.41 billion. This indicates that the entire cryptocurrency world is facing selling pressure as well. Owing to this very reason, it seems like recovery chances are pretty slim for Ethereum (ETH). Once it starts sustaining below $ 100, it can head all the way up to $ 91. This is another 9% fall from these levels. Owing to this very reason, it is expected that Ethereum (ETH) will fall even more. This will result in a further bearish phase for Ethereum (ETH).
Among the top 5 cryptocurrencies, Ethereum (ETH) is the one which has fallen the most. Owing to this very reason, it can be one of the last cryptocurrencies to recover in the top 5 cryptocurrencies. This is the reason why only when there is a clear recovery in the cryptocurrency markets, Ethereum (ETH) can recover as well. While there might be some dead cat bounce but in the longer term, bears are still controlling Ethereum (ETH). This is the reason why the recovery might be muted and temporary if at all in Ethereum (ETH). Only when it is able to sustain above $ 130 on a long-term basis, can a meaningful recovery happen.