Ethereum ETHUSD Bears in Control

Ethereum trading close to eight-month lows as the sell off in cryptocurrencies continues for the second day. Bitcoin move below the $7,000 mark weighs on crypto investors sentiment.

Ethereum gives up 0.39% at $131.78 with the market cap now at 14.50 billion with the trading volume above the daily average, reaching 9.27 billion. The capitalization of the top 100 cryptocurrencies has dropped below 200.00 billion.

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A Break Below $128 Might Push Ethereum to Yearly Lows

Ethereum lost yesterday over 6% of its value and the sharp drop pierced the previous support at $132 from November 25th. The ethereum (ETHUSD) technical outlook is clearly bearish now and the attention shifted to lower levels. Minor support for ETHUSD  stands at $130.51 today’s low while a move below that level will open the way for a move down to yesterday’s session low at $128.91. If bears manage to break that level then the next target to the downside might be the yearly low at $98.00

The ethereum mood is bearish, and the upside moves would meet stiff resistance. Ethereum (ETHUSD) immediate resistance stands at 132.63 the daily top. Further resistance will be met at $142.00 the high from yesterday’s session. A break above will restore some confidence in the crypto pair. That might attract more buyers for a move up to $157.00 the high from November 29th.

Bitcoin BTCUSD trades higher today adding 0.52% at $6,915 while Litecoin – LTC trades 0.60% lower at $39.68 with market capitalization at 3.09 billion. The 100 most significant cryptocurrencies market capitalization now stands at 187.01 billion.

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