Ethereum (ETH) is down 20% in the last week and triggering a negative sentiment in the market. <\/p>\n
\u00a0 \u00a0 \u00a0 \u00a0 Ethereum stalls and fails to make a comeback in the last week
\n \u00a0 \u00a0 \u00a0 \u00a0 ETH flunks at reclaiming $2,000 level
\n \u00a0 \u00a0 \u00a0 \u00a0 Ethereum RSI indicates a bearish stance<\/p>\n
Additionally, Ethereum also didn\u2019t make it to the $2,000 mark. The bears are trying to yank ETH price down and pin down the bulls.<\/p>\n
Only the daily chart, there is a formation of a rising wedge pattern indicating that a bearish movement could drag on. The bulls are looking to stave off a decline shooting below the $1,700-$1,800 levels.<\/p>\n
RSI for Ethereum has also retrograded below the baseline implying that the bears are now on top of the market.<\/p>\n
According to CoinMarketCap, Ethereum is down 21% and trading at $1,571.25 as of this writing.<\/p>\n
Ethereum Triggers Massive Selling Pressure<\/p>\n
If ETH\/USD pair continues to plunge, the next support is now clustered at the $1520-$1570 range.\u00a0 This new support line is the result of the convergence between 50-day moving average line and the 100-day moving average.<\/p>\n
Now, if this level breaks, a bear structure may form, that can send Ethereum dropping to $1,280. To sustain the bullish momentum, the bulls will have to maintain its price above $1,700.<\/p>\n\n
Ethereum has triggered a massive selling pressure as it heads south providing a knife-catching break. With Ethereum\u2019s 21% decline, this proves to validate that the bears were able to breach the ascending wedge, an important signal for bears to penetrate the market.<\/p>\n
In the early stage, while Ethereum was nearing the $1,900 level, or making an upward progression, there is a warning sent out regarding a liquidation that may not happen until the liquidity levels reach close to $2,020.<\/p>\n
ETH Pullback Projected As High As $1,900<\/p>\n
Ethereum price reached a high of $2,030 on August 12 before it cascaded down. Now, the bears have breached the 8-day and 21-day moving averages. A pullback may probably happen over the weekend.<\/p>\n
On the other hand, another theory liked to auction market suggests that there is a possibility of retracement into the $1571 and $1450 levels. More so, the Volume Profile Indicator for ETH also confirms its bearish movement especially with the strengthening of selling pressure evident on the 1-hour time frame.<\/p>\n
The downward trend for ETH can be invalidated if the bulls can revisit the $2030 level. On the contrary, bulls that would want to dare towards knife-catching opportunities in the 1370-$1420 range may go this direction. With that, the pullback target is projected to go at a maximum of $1,984.\u00a0<\/p>\n\n
ETH total market cap at $191 billion on the daily chart | Source: TradingView.com<\/p>\n
Featured image from Coinpedia, Chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Ethereum (ETH) is down 20% in the last week and triggering a negative sentiment in the market. <\/p>\n
\u00a0 \u00a0 \u00a0 \u00a0 Ethereum stalls and fails to make a comeback in the last week
\n \u00a0 \u00a0 \u00a0 \u00a0 ETH flunks at reclaiming $2,000 level
\n \u00a0 \u00a0 \u00a0 \u00a0 Ethereum RSI indicates a bearish stance<\/p>\n
Additionally, Ethereum also didn\u2019t make it to the $2,000 mark. The bears are trying to yank ETH price down and pin down the bulls.<\/p>\n
Only the daily chart, there is a formation of a rising wedge pattern indicating that a bearish movement could drag on. The bulls are looking to stave off a decline shooting below the $1,700-$1,800 levels.<\/p>\n
RSI for Ethereum has also retrograded below the baseline implying that the bears are now on top of the market.<\/p>\n
According to CoinMarketCap, Ethereum is down 21% and trading at $1,571.25 as of this writing.<\/p>\n
Ethereum Triggers Massive Selling Pressure<\/p>\n
If ETH\/USD pair continues to plunge, the next support is now clustered at the $1520-$1570 range.\u00a0 This new support line is the result of the convergence between 50-day moving average line and the 100-day moving average.<\/p>\n
Now, if this level breaks, a bear structure may form, that can send Ethereum dropping to $1,280. To sustain the bullish momentum, the bulls will have to maintain its price above $1,700.<\/p>\n
Ethereum has triggered a massive selling pressure as it heads south providing a knife-catching break. With Ethereum\u2019s 21% decline, this proves to validate that the bears were able to breach the ascending wedge, an important signal for bears to penetrate the market.<\/p>\n
In the early stage, while Ethereum was nearing the $1,900 level, or making an upward progression, there is a warning sent out regarding a liquidation that may not happen until the liquidity levels reach close to $2,020.<\/p>\n
ETH Pullback Projected As High As $1,900<\/p>\n
Ethereum price reached a high of $2,030 on August 12 before it cascaded down. Now, the bears have breached the 8-day and 21-day moving averages. A pullback may probably happen over the weekend.<\/p>\n
On the other hand, another theory liked to auction market suggests that there is a possibility of retracement into the $1571 and $1450 levels. More so, the Volume Profile Indicator for ETH also confirms its bearish movement especially with the strengthening of selling pressure evident on the 1-hour time frame.<\/p>\n
The downward trend for ETH can be invalidated if the bulls can revisit the $2030 level. On the contrary, bulls that would want to dare towards knife-catching opportunities in the 1370-$1420 range may go this direction. With that, the pullback target is projected to go at a maximum of $1,984.\u00a0<\/p>\n
ETH total market cap at $191 billion on the daily chart | Source: TradingView.com<\/p>\n
Featured image from Coinpedia, Chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-6016","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=6016"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6016\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=6016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=6016"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=6016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}