2018-11-27 07:35 |
Ethereum has been trending lower inside a descending channel on its 1-hour chart and just recently bounced off the resistance. Price could be due to resume the slide to the Fib extension levels next.
The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the downtrend is more likely to resume than to reverse. The 100 SMA is also in line with the channel resistance to add to its strength as a ceiling.
Right now, ethereum is testing the 50% extension and still looks ready for a move lower to the 61.8% level at $104.26 near the mid-channel area of interest. Stronger selling pressure could take it down to the 78.6% extension at the $100 level or the full extension near the channel support at $93.
RSI is close to the oversold region but seems to have some room to head south, which suggests that selling pressure could stay in play for a bit longer. Reaching the oversold region and turning back up could indicate that buyers are trying to regain the upper hand.
Ethereum seems to be joining the rest of its cryptocurrency peers in the slide once more as the lack of any positive industry developments are keeping the current sentiment in play. Because of that, buyers are quick to book profits at key resistance levels for fear of yet another set of declines.
During these cases, selling is usually accelerated and might even lead to a break of near-term support zones. Note also that ethereum has been overtaken by Ripple, which could mean another set of outflows for this altcoin.
With the recent rout, many are doubtful that institutions could pile on big money in the industry, dampening hopes of a big rebound on the availability of institutional investment platforms.
The post Ethereum (ETC) Price Analysis: Downtrend Continuation Happening appeared first on Ethereum World News.
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