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At July 2017 low; oversold but bulls helpless

  • ETH falls hardest amongst main cryptos.
  • Some help across the nook.

Ethereum, the second largest cryptocurrency by market capitalisation retains dropping its worth by every passing day as if there is no such thing as a tomorrow and there’s no backside, even because the RSI is deeply oversold and costs are at their lowest in final 14 months.

ETH/USD is down greater than three % down on day at $189.77 and has misplaced greater than 12 % in final 24 hours to hit lowest stage final seen on July 29, 2017. Ethereum has misplaced greater than 30 % within the final one week and whilst RSI is deeply oversold on the varied timeframes, it continues to face promoting strain at increased ranges.

Solace is from one descending trendline help on the 720-minute chart, which ought to assist costs stabilise a bit, but how lengthy will that have the ability to assist costs, solely time will inform.

ETH/USD 720-minute chart:

 


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About Tom Greenly

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