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Technical analysis

Cryptocurrencies Hit News 2018 Low

OctaFx | Dec. 7, 2018
Cryptocurrencies Hit News 2018 Low

December 7, OctaFX – Ethereum, Bitcoin and Litecoin all crashed to fresh 2018 trading low this week, with the popular cryptocurrencies failing to attract buying interest from already depressed levels.

Cryptocurrencies Hit News 2018 Low

Ethereum broke below the $97.00 support level, amidst a raft of heavy technical selling, with the ETHUSD pair sinking below the $85.00 level. Etheruem settled into its ranking as the third largest cryptocurrency by market capitalization, with Ripple looking increasingly comfortable as the second largest cryptocurrency.

Bitcoin’s losses were less severe than Ethereum’s, with the number one cryptocurrency by market capitalization pressured towards the $3,300 level, while Litecoin sunk towards the $25.00 level.

ETHUSD Technical Analysis

  • The ETHUSD pair is bearish while trading below the $97.00, further losses towards the $80.00 and $75.00 levels seems possible.
  • If the ETHUSD pair trades above the $97.00 level, further gains towards the $105.00 and $115.00 resistance levels remains possible.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.