Ethereum: USD/ETH (ETH=) Plummets Towards $170 Amidst Crypto Market Sell-Off
At the time of writing, Ethereum is trading down nearly 5% at its current price of $175, which marks a significant drop from its recent highs of over $190 that were set last week when ETH quickly surged towards $200 before incurring a massive influx of selling pressure that sparked its current downtrend.
It is imperative to note that Ethereum’s bearishness as of late has simply been the result of Bitcoin’s inability to find any significant stability within the lower-$8,000 region, as bears were able to force BTC below its previous support levels and towards its long-established support at $7,800, and its lack of bullish momentum may spell trouble for its near-term trend.
lthough it remains unclear as to whether or not altcoins will be able to break free of Bitcoin’s influence, it is probable that they will trend lower unless there is some sort of event that sparks a fresh influx of capital into the markets.
Analysts Note That ETH is Caught in Descending Triangle
One bearish technical formation that Ethereum is currently caught within may point to the possibility that significantly further losses are imminent for the cryptocurrency, as it is currently in a descending triangle similar to that which Bitcoin was caught in for months prior to its drop below $10,000.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 198.51.
The projected lower bound is: 149.91.
The projected closing price is: 174.21.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.
A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Rex Takasugi – TD Profile
FOREX ETH= closed down -0.270 at 174.160. Volume was 81% below average (consolidating) and Bollinger Bands were 58% narrower than normal.
Open High Low Close Volume___
174.370 175.980 170.470 174.160 13,159
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 182.14 182.32 211.54
Volatility: 69 84 90
Volume: 53,376 72,722 66,730
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX ETH= is currently 17.7% below its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of ETH= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on ETH= and have had this outlook for the last 20 periods.
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