RATE Group | Ethereum & Bitcoin Takes Hit, What Does This Mean For This Bulls?
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Ethereum & Bitcoin Takes Hit, What Does This Mean For This Bulls?

18 Dec Ethereum & Bitcoin Takes Hit, What Does This Mean For This Bulls?

Posted at 06:40h in Ethereum News by

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  • Ethereum is down 5% again today and it broke the $130 support area against the US Dollar.
  • The price is now trading near key support levels such as $120 and $122.
  • There is a short term bearish trend line forming with resistance near $126 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price could start a decent recovery towards $130 or even $135 as long as it is above $120.
  • Similarly, bitcoin dived more than 4% and tested the $6,600-$6,500 support area.

Ethereum price is trading near major supports after a strong decline versus the US Dollar, similar to bitcoin. ETH price must stay above $120 to start a solid recovery.

Ethereum Price Analysis

There were additional losses witness in Ethereum below the $130 support area against the US Dollar. It seems like all bearish targets as discussed in the weekly forecast for ETH price were achieved such as $132 and $125.

Moreover, the price gained bearish momentum below the $125 support and settled well below the 100 hourly simple moving…

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