What can we say about ETN that has not already been said. The project that promised the world and delivered cheap mobile phones and fake mining while pivoting and changing use case almost every other month.

A “privacy coin” that implemented mandatory KYC is another gem from the ETN collection. The project moved on its hands and knees for a long time but it seems that this year, as we predicted at its beginning, will be the purgatory for many worthless projects, ETN being one of them.

However, as long as the project is listed on decent exchanges and has some pulse, let’s see its performance on the charts.

ETN, currently the 89th largest cryptocurrency with the total market value of $39 million, has lost 0.26% in the last 24 hours and about 0.2% since the beginning of the day. While the coin has bounced back up from the recent low of $0.0037 (September 30) it is still far away from a proper bull run.

ETN has been winning a battle with BTC in the last month being up by 40%. What is worrisome is the non existent trading volume as the project is listed only on two exchanges (HitBTC and Huobi) with a miserable $153k of trading volume per day, probably done by automated bots.

Even though chart shows ETN outperforming BTC in the last couple of weeks, we would strongly advise against putting any notable amount of money into this project as the price shifts are probably set in motion by manipulations.

The chart shows that ETN is about to hit Fib236 at 51 sats and that will be first serious resistance for the price action to pierce through. Should it succeed, ETN might hop to 74 sats at Fib50. Likelihood for this is not big.

However, a sudden thrust of the market wide action might haul ETN up and int that case, the 74 sats zone would be the selling point. As for the overall market, let’s see its statu.

Just like in the days before, the overall market is still glued below the resistance level of $219 billions (data by Tradingview). We need to gain momentum to test this zone before any significant bull run is to be expected.

Here is a guide how to store ETN and this one is on long term ETN prediction.

What can give an impetus for a move up? Right now, no fundamentals of significant magnitude are on the horizon and the only thing that could prop the market up is either whale manipulation or another round of Tether printing.

The Crypto fear and greed index is also looking much better as the needle travels north, reaching the 37 points on this scale that uses 5 different source of information to calculate its value – Volatility, volume, social media, google trends, dominance. As a reminder, the pointer stooped to the levels of 20-25 points only couple of days ago. So the sentiment is on the rise.

The post Electroneum (ETN) Price Analysis: Faint Death Rattle appeared first on CaptainAltcoin.

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