Home Cryptocurrency Ethereum Witnesses Major Loss In Its Price

Ethereum Witnesses Major Loss In Its Price

Ethereum has not been doing well for the past few weeks. However, it has started the week on a bad note again, as it witnessed a fall in its price.

This simply means that it lost some percentage out of its price. It was trading at around $125 and went higher to trade at $126. Unfortunately, it lost out of its price and it went down to $122.

It lost out of $122 again and it started trading at $120 and $118 which automatically move into a bearish zone.

Ethereum sellers moved the price lower again below $115 level and a new weekly low was formed near $113 level on the chart. Later the price started trading again above $113 and it moved above the 23.6% Fib retracement level of the recent decline from the $124 high to $113 swing low.

On the weekly chart, there is a support near the $118 level that is acting as a strong resistance. There is also a 50% Fib retracement level of the recent decline from the $124 high to $113 low and it is positioned near $118.

On the Ethereum hourly chart, there is also a major bearish trend line that is formed with resistance at $121. If it is trading below $118 and $120, there is a risk that it might still witness many more major losses.

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