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ETH Declining To $133, Waiting The Bulls To Save The Day

Stefan by Stefan
30/03/2020
in Ethereum News
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ETH declining to $133 is another price movement on the charts for the second-largest cryptocurrency. Ethereum is still consolidating the losses and the upsides will face more hurdles close to the $128 price level as we are reading in the ethereum news today.

Ethereum is down by more than 2 percent and it tested the $125 support zone against the US Dollar so the price is expected to consolidate above $125 and will remain at a risk of more losses. There could more bears on the road forming with the new resistance close to the $128 on the hourly charts for the pair. There could be a break below the $124 low which could set the pace for more losses at $120.

After ETH struggled to stay above the $135 zone after the fresh decline against the US dollar while starting a bearish momentum and breaking past the $130 support level. There was also a close down below the $128 level and the 100 hourly simple moving average while the price tested the $124-$125 support area where a new low is formed close to the $124. The ETH declining continues after the losses consolidation phase and the 23.6% Fib retracement level of the recent decline from the $133 high to the $124 low. On the upside, there could be more hurdles forming near the $128 level.

There could be another bearish trend line forming with a new resistance at $128 on the hourly charts of the ETH/USD pair. above the trend line, the 50% fib retracement level of the decline from $133 high to $124 is also close to the same zone. The bulls will face a strong selling interest close to the $128 zone and the main obstacle will be near $130 above which the price could recover to the $135 zone. The initial support is close to the $124-$125 area and if Ethereum will dive below the $124 low while there are chances of more losses in the near term.

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The next key support is close to the $120 zone where the bulls are emerging slowly. Further losses for ethereum could mean another trip to the 5 level in the coming sessions.
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Ethereum had a few ups and downs lately due to the harsh market conditions so it’s safe to watch it closely in the upcoming days.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: Bullseth bullsETH decliningeth priceeth price analysisethereum bullsEthereum Priceethereum price analysis
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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