Latest Ethereum Price

At spot prices, bears are not only stress testing the dApp ecosystem but putting to test the resolve of investors and all market stake holders. Of course, its a fall from grace to grass, that dip from $1,400 to less than $100 has been damaging for investors, developers and businesses. ConsenSys—with more than 1,000 employees and in present in 30 countries is believed to be burning $100 million supporting staff and projects mostly from Joseph Lubin stash—is feeling the sting.  Days after calling for resilience, the company announced that they will be laying off 13 percent of its staff.

Read: Crypto Startups Going Bankrupt Amidst Market Crash

Aside from that, news has it that even with these low prices, hackers are now targeting unsecured Ethereum wallets and mining rigs. As reported by our team, hackers have been scanning the network for a week now and their main objective is to pick out port 8545—a JSON-RPC interface used by wallets and mining hardware. The interface depends on the user to set up passwords and if left open, then hackers can exploit that opening and siphon funds.

Also Read: Changpeng Zhao Likens Binance Chain To Ethereum, BNB To ETH

On the development front, the decision by developers to agree and fix a date for Constantinople is something very positive and would go a long way in instilling confidence in the ecosystem preventing project migration to rival networks.

On a weekly basis, ETH/USD is down 17 percent in the last week and quite stable in the last day and hour. And even as bears dig in, ETH is down in the excess of 85 percent from 2018 peaks and as Fibonacci retracement rules demand, a natural correction is imminent. This is why traders and investors across the board expect prices to bounce back and close above $100 by the end of the week. Once it does, then it is likely that ETH/USD would expand to $130 or higher. If not, falls to $50 or less will be inevitable.

From left to right, the trend is clear. ETH/USD is bearish and oscillating within a tight $17 range with limits at $100 and $83. Unless otherwise there are gains above $100, bears are in control and considering the rate of recent price erosion, we cannot discount the possibility of prices breaking below $83.

As prices range, three bars are a standout: Dec 7, 1900HRs bull bar—321k versus 179k average, Dec 8—2300HRs bull bar—163k versus 134k average and Dec 9—1500HRs bull bar—130k versus 85k average. All these bars confine price action. In real sense, ETH/USD price action is still oscillating within Dec 7 high-low. Therefore, for buyers to be in charge then we must see strong gains above Dec 7 highs at $100 while falls below its lows would trigger a sell off towards $50.

Clearly, bears are in charge but at spot prices, prices are in range mode and accumulating. As aforementioned, bears are in control but if bulls gain momentum and thrust prices above $100 then ETH buyers have a chance.

From the above, this is our ETH/USD trade plan:

Buy: $100—Dec 9 Highs

Stops: $85—Dec 8 Lows

Targets: $130, $160

Breaks below $83 invalidates this trade plan.

All charts courtesy of Trading View.

This is not investment Advice. Do your Own Research.

The post Ethereum Price Analysis: ETH/USD Bullish Above $100, Test of Resolve appeared first on Ethereum World News.

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