Ethereum Price Tumbles Below $180


12 October, OctaFX – Cryptocurrencies finally found a directional bias this week, as the broader market fell to the downside as digital currencies tumbled against the US dollar.

Bitcoin fell below the $6,200 level after weeks of price consolidation, with the number one cryptocurrency suffering only mild percentage losses compared to other popular tokens.

ETHUSD Declines Sharply Below $180

Ethereum suffered a double-digit decline with the ETHUSD pair tumbling below the $180.00 level, while Litecoin broke the $50.00 benchmark amidst a raft of technical selling.

The overall digital currency market remains in a technical downtrend, since January 2018, more than $600bn have been wiped off the value of cryptocurrencies.

  • The ETHUSD pair is bearish while trading below the $180.00 level, further losses towards the $173.00 and $157.00 levels remains possible.
  • If the ETHUSD pair trades above the $200.00 level, further gains towards the $214.00 and $225.00 resistance levels then seems 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.

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