{"id":405953,"date":"2019-12-02T17:00:15","date_gmt":"2019-12-02T17:00:15","guid":{"rendered":"https:\/\/ktsl888.com\/?p=405953"},"modified":"2019-12-02T16:57:41","modified_gmt":"2019-12-02T16:57:41","slug":"ethereum-breaches-key-weekly-support-level-as-risk-of-further-losses-grows","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-breaches-key-weekly-support-level-as-risk-of-further-losses-grows\/","title":{"rendered":"Ethereum Breaches Key Weekly Support Level as Risk of Further Losses Grows"},"content":{"rendered":"
It has been a wild week for Bitcoin and the aggregated crypto market, and major altcoins like Ethereum (ETH) have been unable to avoid the massive volatility that has been brought about by Bitcoin\u2019s relatively large price swings that it has faced over the past month.<\/p>\n
This volatility has been overwhelmingly bearish for Ethereum and has led the embattled cryptocurrency to break below a key weekly support level, signaling that ETH could be at risk for incurring significantly further losses against both USD and BTC.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down 1% at its current price<\/a> of $148, which marks a notable drop from its recent highs of over $156 that were set late last week.<\/p>\n It is important to keep in mind that ETH is currently trading up significantly from its recent lows of $130 that were set on November 24th concurrently with Bitcoin\u2019s capitulatory drop<\/a> to $6,500.<\/p>\n Ethereum was able to post a rapid bounce from this price level, however, signaling that it was sold off and that this may mark a significant long-term support level.<\/p>\n Earlier this past week, on November 27th, ETH once again incurred a sharp influx of selling pressure that led its price to drop as low as $144, but buyers ardently defended this level and allowed it to surge slightly higher.<\/p>\n In spite of the bounce from this level, Ethereum did close below its lower Bollinger Band on its weekly chart, which may point to underlying weakness.<\/p>\n \u201c$ETH #Ethereum – Weekly chart – First breach of lower BB since December 2016,\u201d Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet<\/a>.<\/p><\/blockquote>\n Although Ethereum\u2019s previous close below its weekly Bollinger Band in 2016 was closely followed by a major rally, the conditions surrounding the aggregated crypto markets are overwhelmingly bearish at the moment, and it is unlikely ETH will break its close correlation to BTC and surge independently.<\/p>\n Nik Patel, another popular cryptocurrency analyst, explained in a recent blog post<\/a> that he believes ETH has some support at $125, with its major support level existing at $100.<\/p>\n \u201cThere does not appear to be much support left below $125, so it is vital that price is able to remain above here. Given how Bitcoin looks at the moment, however, it appears that ETH\/USD is poised for more downside. The following support would be at $100, which is a long way away,\u201d he noted.<\/p><\/blockquote>\nWhere Will ETH Find Long-Term Support?<\/strong><\/h2>\n