RATE Group | Ethereum (ETH) Could Dive If Bitcoin Continues To Struggle
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Ethereum (ETH) Could Dive If Bitcoin Continues To Struggle

31 Dec Ethereum (ETH) Could Dive If Bitcoin Continues To Struggle

Posted at 22:57h in Ethereum News by

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  • Ethereum is down around 4% from the $138 high and tested the $130 support against the US Dollar.
  • The price is currently consolidating above the $130 support, with a few bearish signs.
  • There is a connecting bearish trend line forming with resistance near $132 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin failed to stay above $7,300 and it is now trading near the $7,240 support area.

Ethereum price is facing an increase in selling versus the US Dollar due to a steady decline in bitcoin. ETH price could dive below the $128 level, if bitcoin slides below $7,200.

Ethereum Price Analysis

After a strong upward move above $135, Ethereum price faced resistance near the $138 zone against the US Dollar. ETH price topped near the $138 level and recently corrected below $135.

Moreover, there was a break below the $132 support, plus the 61.8% Fib retracement level of the latest rally from the $127 low to $138 high. The price tested the $130 support and the 100 hourly simple moving…

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