Ethereum (ETH) analysis and forecast (Thu, Sept 6th, 2018): Consolidate to $250 from record low

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Most of the gains during last year’s bull run have vanished

Dragged down with Bitcoin’s freefall, Ethereum dumped to its one-year low of $210 last midnight (GMT), breaking the support line of $280 and the lower line of the downward channel. The sellers have been taking some breath, then pushing the price a little higher to the level of $220-$230.

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Ethereum (ETHUSD) H4 chart on September 6th, 2018

Ethereum has lost 85% of its value compared to its all-time high of $1424. This highest price  was obtained at the beginning of this year but, unfortunately, the current bearish trend has erased all the efforts made by the buyers last year.

In the long term, we expect a consolidation around the record low and a corrective wave to the high of $420. In the case that the price of Ethereum breaks the support line of $210, a slide to the next bottom of $160 is supposed to occur.

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Ethereum (ETHUSD) D1 chart on September 6th, 2018

In the short term, no positive signals have been found for a bullish movement, except for a soft recovery to the point of $250.

Written by nami.today

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