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.
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