Second floor: Ethereum could fall even lower by the end of the week
Source:
Ethereum once again faced with strong selling pressure, the asset even for a time fell below support zone of $ 120. We will remind, earlier we already wrote that the best trading strategy for the stock market these days will be short. Yet reliable indicators of reversal of the bearish trend and it is unlikely they will appear in the near future.
The Overall situation looks like this:
the-
the
- Ethereum could not break through the resistance area $ 136 on the wave of previous rollback; the
- for the 1-hour chart has formed another descending trend; the
- trading pair is likely to fall below 120 dollars.
At the moment Ethereum is trading around $ 120. In the past 24 hours, the cryptocurrency fell by 8 percent. Capitalization is at a level 12,48 billion dollars, while daily trading volume exceeded 1.98 billion.
theTechnical analysis
Yesterday after a sharp fall of the stock market price of the asset went in the undertow, rebounding from support at line 122 of dollars. Coin rises above $ 130, but was unable to overcome several key obstacles in its path. The Ethereum also managed for a short time to get over the 0.5 Fibonacci level, is laid during unloading from 145 to 121 to the dollar.
But the 0.618 line of the Fibo-be buyers failed to pass. Due to the recent price movement on the 1 hour chart of bitcoin has formed another bearish trendlayn, for breaking of which need to grow above $ 127.
For a short time the Ethereum even fell below $ 120, that shows the weakness of the nearest support. Most likely, the asset will continue to decline down to $ 90. From the point of view of fundamental factors, this scenario points to the fall of the ETH and mining large amounts of coins that ICO is still in the coming months.
image Source — NewsBTC
Technical indicators 1-hour chart indicate sale. MACD is in a bearish zone, and RSI is still going down. The safest strategy remains shorting.
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