RATE Group | Ethereum (ETH) Nosedives To Final Bearish Target, Can It Recover?
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Ethereum (ETH) Nosedives To Final Bearish Target, Can It Recover?

17 Dec Ethereum (ETH) Nosedives To Final Bearish Target, Can It Recover?

Posted at 04:11h in Ethereum News by

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  • Ethereum is down more than 6% and it broke the key $140 support area against the US Dollar.
  • The price tested the final bearish target near the $132 and $130 levels.
  • There is a short term contracting triangle forming with resistance near $133 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price could correct higher, but it is likely to face sellers near $136 or $138.

Ethereum price is diving below key supports versus the US Dollar and bitcoin. ETH price could continue to move down towards $125 if it fails to stay above $130.

Ethereum Price Analysis

In the past few analyses and the weekly forecast, we discussed the chances of Ethereum declining to the $132 support against the US Dollar. ETH price did start a nasty declining in the past few sessions and broke many supports near $140.

Moreover, there was a close below the $140 level and the 100 hourly simple moving average. It opened the doors for more losses and the price tumbled below the $135 level. Finally, it spiked below the…

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