Ethereum Market Update: ETH/USD gravitates targeting $130

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  • Ethereum fails to break above the descending channel resistance amid increasing selling activity.
  • The support at $140 comes in the rescue of the bulls, but Ethereum is still at the risk of dropping to $130.

Ethereum is among the cryptocurrencies painting the market red. The price action has been bearish since the commencement of the Asian trading session. Ethereum is exchanging hands at $142 in the wake of losing 0.96% of its value on Thursday. The trend is strongly bearish amid the expanding volatility.

While the price has tested and defended $140 support, Ethereum is still in grave danger of dropping into the $130’s range. The price is reeling under the moving averages, whereby the 50 SMA on the 4-hour chart is hindering growth at $147.82 and the 100 SMA holding ground at $148.86.

From a technical perspective, Ethereum is primed for losses likely to test $130. The full stochastic is stuck in the oversold region. At the same time, the MACD is beneath the mean line. Moreover, the MACD features a bearish cross signaling the high selling pressure.

ETH/USD 4-hour chart

 

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