Crypto market has taken a heavy toll on Alt coins when Bitcoin broke its long term support of $6000 and started its Bearish run towards $4000 level. Majority of Alt coins have retraced to almost 100% from their Ath's. But the most surprising fact is that Ethereum is also among those Alt coin list.
Ethereum (ETH) is also dropping like crazy since a week or so as soon as Bitcoin started its bearish run. We have already seen 40% decline in eth price since Bitcoin broken $6000 level. Currently ETH is trading around $125 but its Bullish run chances are pretty bleak.
So, let's have a look at the chart:
As we can see in the chart above, ETH is testing $125 level for almost 2-3 days now and there's no Bullish volume to confirm its reversal.
- Daily RSI levels are in 19, which is extremely Bearish. Still, this RSI level doesn't indicate any kind of reversal, instead it indicates that Bearish strength in very high right now.
- For a brief consolidation, ETH can plummet again and this time, the target would be pretty low. A real capitulation can happen if ETH drop with volume from current level.
- If ETH drops from current price, then first level of support would be $100 and then $60-65 which could be pretty disastrous for ETH image.
- If ETH rises from current price, the first level of resistance would be $150 and then $167, but the chances of reversal are pretty low.
So, trade accordingly with these levels (support & resistances) and always use stop loss.
Thanks for reading.
I think it with the rest of the coins are going to form a long low curve for a few days longer before it starts to rise again. I noticed that a lot of people were selling out at first, but the amount has been slowly decreasing as the declines also become less steep.
I aint no economist and I am DEFINITELY new to the game, but looking at the trends, it doesnt seem like its going to take another plunge unless enough people become irrationally in fear and lose faith. I dont think that will happen. A lot of key big players know better.
I have no idea but I do know that Vitalik and co have over-promised and underachieved. We have been hearing about scaling solutions for years now. I understand it is difficult but crypto is supposed to an industry where the brightest minds are ahead of those in traditional markets..