2018-8-25 18:56 |
There’s an old saying that says “the bigger they are, the hard they fall.” Ethereum has fallen a long way from its all-time highs above $1400. 2018 has been a year that investors have lost their confidence in altcoins in preference of Bitcoin and fiat currency. The largest cap altcoin, Ethereum, is no exception to this rule. Investors in this altcoin had enormous returns in 2017 as the coin grew from $8 at the start of the year. However, for 2018, Ethereum has been on a prolonged downtrend with some investors “hodling” all the way down. Often, it is the correct move to trade back into fiat and buy back in at a lower price. Investors who have sold anytime between January and now have done better than those who have held their investments.
With price trading around $270, there are signs that this downward movement is not over yet. RSI and price continue to form lower lows and lower highs. Although the MACD is currently converging, it is likely to diverge again with strong selling momentum. The price is currently trading sideways with $270 looking to be an important point for Ethereum. It was also an important point for trading activity between August and November of 2017.
Ethereum Daily ChartAn upward move is unlikely unless there is an influx of capital into the altcoin market. Any upward movement is likely to be met by resistance at the hourly 50, 100, and 200EMA. Drops have been on larger volume overall than gains. Outlook id is bearish for the altcoin market leader. Bitcoin dominance has managed to rise to 53% with this outflow of cash from altcoins.
Ethereum Hourly ChartKey Takeaways:
Strong bearish outlook for ETH Altcoin market has been suffering during 2018 after the euphoric rise in 2017 Investors who have held altcoins all the way down have underperformed Many signs point to further downward movement with RSI and price forming lower lows and lower highs. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Ethereum Bloodbath Continues With Price Near 2018 Lows was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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