RATE Group | Ethereum price prediction: On the verge of the abyss
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Ethereum price prediction: On the verge of the abyss

14 Dec Ethereum price prediction: On the verge of the abyss

Posted at 12:38h in Ethereum News by

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  • ETH/USD is rangebound close to the recent lows.
  • The downside is the path of least resistance

ETH/USD is hovering around $86.00, off the Asian low of $84.95. The third largest cryptocurrency has been relatively stable during recent trading hours as the market grope for support after a long-term decline. Ethereum has lost over 50% of its value in a recent month due to a combination of technical and speculative factors including the upcoming Constantinopole update and massive ETH selling by ICO projects.

Looking technically, ETH/USD is close to an uncharted territory. The only viable support is created by the previous week low at $82.15. Once it is broken, there’ll be little to stop the price on the way down to $75.00 (Pivot Point 1 month Support 1) and to the long-term congestion zone at $60.00 that served as a jumping-off ground for the price in April 2017.

Immediately above the current price, the resistance area is created by the confluence of technical indicators, which include…

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