Ethereum price heads for new 2018 lows: ETH/USD plummets 12%

Ethereum price breaks below the range support to test trade new 2018 lows.
The support at $150 to hold but a retracement above $170 will guarantee further upside move.

John Isige FXStreet

The cryptocurrency market seems to be responding to the call of Nouriel Roubini, the famous “Dr. Doom,” who bashed cryptocurrencies last week saying that they belong at zero value and especially Bitcoin. He said these following one of the worst declines in the market in a period of about 8 months. He said it is only a matter of time before the end arrives for digital assets.

More on that story:

Bitcoin price motionless below $5,600: ‘Dr. Doom’ says Bitcoin belongs at zero

Meanwhile, Ethereum is in the middle of a tailspin, besides the entire market is painted red. The crypto has broken below the primary support around $170 - $168. Moreover, the range the crypto had been stuck in since the sudden drop last week, finally gave in to selling pressure. The digital asset is trading at $156 while testing new annual lows on the road to $150.

Breaking technical levels is likely to be the reason behind the fall. ETH/USD fell below both the 50 SMA and the 100 SMA. This triggered more declines while the shorter term moving average maintained the position below the longer term 100 SMA. The bearish trend will most likely find bearing above $150 as the indicators show huge oversold levels. The RSI at 21.42 shows that the sellers are getting exhausted. A correction above $170 will ensure that the buyers can have in sight $200.

ETH/USD 60-minutes chart

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Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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