Hang in there, acne: Ethereum is on the verge of a new drain
Source:
The Market is in a very precarious position, draining the last of Bitcoin is not affected by the state of altcoins. Second in terms of capitalization, the cryptocurrency fell just below the psychologically important support line, which now turned into resistance.
The Overall situation looks like this:
the-
the
- price Ethereum have grown up a bit after the fall, the coin is now trading above $ 196; the
- scale 1-hour chart has formed bearish trend, which resistance is at 198 dollars; the
- during these days I managed to test the line 198 dollars, but never raised himself above.
Currently, the cryptocurrency is trading at $ 199. For the past day, its price rose 1.19 percent.
theTechnical analysis
Yesterday, the Ethereum quite fell sharply against the dollar, the asset fell even lower than 198 dollars. As a result of the movement of the price of the cryptocurrency was even below the 100 SMA on the 1 hour chart that clearly plays into the hands of the bulls. A little later, the buyers managed to break above the Fibonacci 23.6 level. At the moment, the cryptocurrency maintains a delicate balance.
Unfortunately, each new pullback even ten dollars could trigger a strong wave sink. While there is no hope for the formation of long-term bullrun, Ethereum first needs to consolidate above $ 200.
The Nearest obstacle — the line of the local downtrend, below on the chart it is marked in blue. If the test again fails, Ethereum certainly fall again to $ 192.
image Source — NewsBTC
Technical indicators testify to weakness of market players. The scale of the 1-hour chart MACD has already reached the bullish zone, but the RSI speaks to the lack of a clear trend. You'll have to refrain from opening of trading positions on Ethereum.
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