RATE Group | Ethereum slumps to nine-month low of $128
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Ethereum slumps to nine-month low of $128

19 Dec Ethereum slumps to nine-month low of $128

Posted at 16:13h in Ethereum News by

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Ethereum (ETH) has fallen by 8.5% in the past 24 hours amid a massive sell-off across the entire cryptocurrency market.

A total of $1.2 billion has been wiped from Ethereum’s total market cap, which now resides at around $14.25 billion.

The dramatic move to the downside was undoubtedly led by Bitcoin, which slumped below the $7,000 level of support before experiencing a small bounce at $6,700.

Ethereum is now 65% down from its yearly high of $365, with the next meaningful level of support coming in at $124.

Failing that, it remains likely that Ethereum could dwindle all the way down to $95 and even $80, with both levels acting as support following the capitulation low in December 2018.

Potential upside targets remain at $133 and $146, although a bullish reversal would only come into play if Ethereum can surge to above $217, which was the confluence of August’s death cross.

Regardless of the recent descent to the downside, Ethereum has witnessed impressive volume over the past 24…

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