Ethereum Price Drops Below $140 Following The Latest Bitcoin Plunge: ETH Price Analysis & Overview

  • Ethereum noticed a small 3.5% worth decline over the previous 24 hours of trading because the cryptocurrency rolls over and drops beneath $140.
  • Against BTC, ETH did not breach the resistance at 0.0184 BTC inflicting it to reverse and drop fairly aggressively into the 0.0175 BTC area.
  • Ethereum stays ranked because the 2nd largest cryptocurrency with a market cap of $15.12 billion. It remains to be up by a complete of 10% over the previous fortnight.

Key Support & Resistance Levels

ETH/USD

Support:  $133.50, $128, $120.

Resistance: $145, $152, $158.

ETH/BTC:

Support: 0.0171 BTC, 0.0169 BTC, 0.0164 BTC.

Resistance: 0.0175 BTC, 0.0185 BTC, 0.019 BTC.

ETH/USD –  ETH Rolls Over At $144 And Heads Lower  

Since our final evaluation, ETH didn’t climb a lot larger from the $144 area because the market began to roll over and fall. This lower is basically attributed to the truth that ETH/BTC plummeted fairly considerably, by a complete of 6%, over the previous three days. 

Etheruem stays in a impartial market till it may rise larger and break above the December highs at round $152. If ETH was to fall and drop beneath the help at $120, the coin would flip bearish.

Ethereum Short Term Price Prediction

If the sellers proceed so as to add downward strain to ETH, preliminary help is anticipated at $133.50. Beneath this, help will be discovered at $130 and $120. On the opposite hand, if the bulls can defend the $133.50 area and permit ETH to rebound, an preliminary resistance is positioned at $144. Above this, further resistance is anticipated at $148 and $155.

The RSI has been falling towards the 50 degree which reveals that the earlier bullish momentum is beginning to fade. If the RSI manages to stay above the 50 degree then the bulls stand an opportunity to permit Ethereum to rebound at $133.50. However, if it penetrates beneath, the cryptocurrency could begin a downward spiral. Furthermore, the Stochastic RSI has produced a bearish crossover sign that may very well be sending the market decrease. 

ethbtc-jan9

Against Bitcoin, ETH stalled because it reached the resistance round 0.0188 BTC, inflicting it to roll over and fall. The following trading day after our earlier evaluation, ETH plummetted precipitously because it dumped into the help at 0.0175 BTC. The ache didn’t cease there as ETH continued to fall additional decrease to achieve the draw back 1.618 Fib Extension at 0.0169 BTC. Ethereum bounced larger from right here and returned to the 0.0175 BTC degree.

ETH stays in a impartial market situation because it managed to rebound larger above the 0.0171 BTC degree. However, if it drops again beneath 0.0171 BTC then the market must be thought-about as bearish. To flip bullish, ETH should rise a lot larger and break above the 0.02 BTC degree.

Ethereum Short Term Price Prediction

If the bears proceed to push ETH/BTC decrease, preliminary help is positioned at 0.0172 BTC (.886 Fib Retracement) and 0.0169 BTC (draw back 1.618 Fib Extension). Beneath this, further help is discovered at 0.0164 BTC. Alternatively, if the bulls can regroup and convey ETH above 0.0175 BTC, larger resistance is anticipated at 0.018 BTC. Above this, resistance lies at 0.0185 BTC, 0.019 BTC, and 0.0196 BTC (100-days EMA).

The RSI plummetted beneath the 50 degree to indicate that the bears at the moment are in command of the market momentum. For a bullish revival, the RSI should begin to rise and break again above 50. Furthermore, the Stochastic RSI just lately produced a bearish crossover sign that helped to ship the market decrease.

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Disclaimer: Information discovered on CryptoPotato is these of writers quoted. It doesn’t characterize the opinions of CryptoPotato on whether or not to purchase, promote, or maintain any investments. You are suggested to conduct your individual analysis earlier than making any funding choices. Use supplied info at your individual danger. See Disclaimer for extra info.

Cryptocurrency charts by TradingView.
Technical evaluation instruments by Coinigy.

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