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Ethereum (ETH) Price Hits Crucial Chart Support

Ethereum (ETH): Price, Chart and Evaluation

  • Ethereum technical set-up seems weak with decrease highs and decrease lows dominating.
  • Cryptocurrency house stays weak.

IG Shopper Sentiment Reportexhibits that retail inestors are nonetheless closely lengthy Ethereum.

Ethereum (ETH) Bounces off Famous Support – Will it Maintain One other Try?

The second largest cryptocurrency by market cap continues to buckle beneath promoting strain and at this time touched an essential assist degree at $397, the December 2017 swing low and precursor to the sharp rally as much as $1,420. The extent turned energetic once more in late March/early April and once more acted a springboard to a rally again to $834. Since then the market has fallen steadily and an extra break just under $400 would open $359 as the following degree of assist. Under right here, assist is at $275, a degree final seen in October-November 2017.

Ethereum continues to commerce beneath all three transferring averages on the each day chart, a detrimental set-up, whereas the RSI indicator is pointing decrease however nearing oversold territory. The final six each day candles all present decrease highs and decrease lows highlighting the present detrimental sentiment surrounding Ethereum.

The cryptocurrency market as an entire stays weak with the market capitalization dipping again all the way down to $261 billion, the bottom degree in over two weeks and round $40 billion off the market’s current excessive. The most recent turndown was given a push when the Winklevoss brothers newest ETF software was turned down with different purposes nonetheless ready within the wings with the SEC.

We lined Bitcoin, Ethereum, Bitcoin Money, Ripple and Litecoin at this week’s Weekly Cryptocurrency Webinar on Wednesday and highlighted assist and resistance ranges for the 5 cryptocurrencies.

Ethereum (ETH) Every day Price Chart (December 2017 – August three, 2018)

You possibly can contact me on Twitter @nickcawley1 or through electronic mail at nicholas.cawley@ig.com.

— Written by Nick Cawley, Analyst.

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