{"id":407545,"date":"2019-12-17T03:08:52","date_gmt":"2019-12-17T03:08:52","guid":{"rendered":"https:\/\/uniquehot.com\/?p=407545"},"modified":"2024-06-11T13:04:37","modified_gmt":"2024-06-11T13:04:37","slug":"ethereum-eth-nosedives-to-final-bearish-target-can-it-recover","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum-eth-nosedives-to-final-bearish-target-can-it-recover\/","title":{"rendered":"Ethereum (ETH) Nosedives To Final Bearish Target, Can It Recover?"},"content":{"rendered":"<ul>\n<li>Ethereum is down more than 6% and it broke the key $140 support area against the US Dollar.<\/li>\n<li>The price tested the final bearish target near the $132 and $130 levels.<\/li>\n<li>There is a short term contracting triangle forming with resistance near $133 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The price could correct higher, but it is likely to face sellers near $136 or $138.<\/li>\n<\/ul>\n<p><em>Ethereum price is diving below key supports versus the US Dollar and <a href=\"https:\/\/uniquehot.com\/2019\/12\/16\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/\" target=\"_blank\" rel=\"noopener noreferrer \">bitcoin<\/a>. ETH price could continue to move down towards $125 if it fails to stay above $130.<\/em><\/p>\n<h2>Ethereum Price Analysis<\/h2>\n<p>In the past few analyses and the <a href=\"https:\/\/uniquehot.com\/2019\/12\/15\/ethereum-price-weekly-forecast-eth-primed-for-more-downsides\/\" target=\"_blank\" rel=\"noopener noreferrer \">weekly forecast<\/a>, 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.<\/p>\n<p>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 $132 support and tested the $130 area.<\/p>\n<p>A new monthly low was formed near $130 and the price is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $142 high to $130 low.<\/p>\n<p>Besides, there is a short term contracting triangle forming with resistance near $133 on the hourly chart of ETH\/USD. Therefore, Ethereum price could either recover above $133 or extend its decline.<\/p>\n<p>On the upside, the next major resistance is near the $136 level. Additionally, the 50% Fib retracement level of the recent decline from the $142 high to $130 low is also near the $136 level.<\/p>\n<p>Having said that, the price must climb above the $138 and $140 resistance levels to move back into a positive zone. If not, there is a risk of more downsides below the $130 support area.<\/p>\n<p>A clear break below the $130 level will most likely open the doors for a nasty decline towards the $125 support or the $122 area in the near term.<\/p>\n<figure id=\"attachment_407546\" aria-describedby=\"caption-attachment-407546\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Ethereum-14.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-407546\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Ethereum-14.png?resize=1828%2C868\" alt=\"Ethereum Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Ethereum-14.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Ethereum-14.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Ethereum-14.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Ethereum-14.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Ethereum-14.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Ethereum-14.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Ethereum-14.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-407546\" class=\"wp-caption-text\">Ethereum Price<\/figcaption><\/figure>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, Ethereum price is down more than 6% and it clearly dropped heavily after it broke the $140 support. Similarly, there could be another slide if the price fails to stay above the $130 support area.<\/p>\n<h2>ETH Technical Indicators<\/h2>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is slowly reducing its bearish slope.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is currently in the oversold region, with no signs of a major recovery.<\/p>\n<p>Major Support Level \u2013 $130<\/p>\n<p>Major Resistance Level \u2013 $136<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 $132 support and tested the $130 area. A new monthly low was formed near $130 and the price is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $142 high to $130 low. Besides, there is a short term contracting triangle forming with resistance near $133 on the hourly chart of ETH\/USD. Therefore, Ethereum price could either recover above $133 or extend its decline. On the upside, the next major resistance is near the $136 level. Additionally, the 50% Fib retracement level of the recent decline from the $142 high to $130 low is also near the $136 level. Having said that, the price must climb above the $138 and $140 resistance levels to move back into a positive zone. If not, there is a risk of more downsides below the $130 support area. A clear break below the $130 level will most likely open the doors for a nasty decline towards the $125 support or the $122 area in the near term. Looking at the chart, Ethereum price is down more than 6% and it clearly dropped heavily after it broke the $140 support. Similarly, there could be another slide if the price fails to stay above the $130 support area. ETH Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is slowly reducing its bearish slope. Hourly RSI &#8211; The RSI for ETH\/USD is currently in the oversold region, with no signs of a major recovery. Major Support Level \u2013 $130 Major Resistance Level \u2013 $136<\/p>\n","protected":false},"author":67,"featured_media":393886,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8323,1946],"class_list":["post-407545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\n<title>Ethereum (ETH) Nosedives To Final Bearish Target, Can It Recover?<\/title>\n<meta name=\"description\" content=\"Ethereum price is diving below key supports versus the US Dollar and bitcoin. 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ETH price could continue to move down towards $125 if it fails to stay above $130.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/ethereum-eth-nosedives-to-final-bearish-target-can-it-recover\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-17T03:08:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:04:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Ethereum-price-rise-ETHanalysis.jpg?fit=1000%2C668\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"668\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Aayush Jindal\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@twitter.com\/AayushJs\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aayush Jindal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/ethereum-eth-nosedives-to-final-bearish-target-can-it-recover\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/ethereum-eth-nosedives-to-final-bearish-target-can-it-recover\/\"},\"author\":{\"name\":\"Aayush Jindal\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/1f8631be4d0868de3fd2f21f17d9ae70\"},\"headline\":\"Ethereum (ETH) Nosedives To Final Bearish Target, Can It Recover?\",\"datePublished\":\"2019-12-17T03:08:52+00:00\",\"dateModified\":\"2024-06-11T13:04:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/ethereum-eth-nosedives-to-final-bearish-target-can-it-recover\/\"},\"wordCount\":419,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/ethereum-eth-nosedives-to-final-bearish-target-can-it-recover\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Ethereum-price-rise-ETHanalysis.jpg?fit=1000%2C668\",\"keywords\":[\"ETH\",\"ethereum\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/uniquehot.com\/news\/ethereum-eth-nosedives-to-final-bearish-target-can-it-recover\/#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/uniquehot.com\/news\/ethereum-eth-nosedives-to-final-bearish-target-can-it-recover\/\",\"url\":\"https:\/\/uniquehot.com\/news\/ethereum-eth-nosedives-to-final-bearish-target-can-it-recover\/\",\"name\":\"Ethereum (ETH) Nosedives To Final Bearish Target, Can It Recover?\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/ethereum-eth-nosedives-to-final-bearish-target-can-it-recover\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/ethereum-eth-nosedives-to-final-bearish-target-can-it-recover\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Ethereum-price-rise-ETHanalysis.jpg?fit=1000%2C668\",\"datePublished\":\"2019-12-17T03:08:52+00:00\",\"dateModified\":\"2024-06-11T13:04:37+00:00\",\"description\":\"Ethereum price is diving below key supports versus the US Dollar and bitcoin. 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