2018-9-6 17:25 |
The cryptocurrency market has been crashing today. With Bitcoin dropping 5% in the space of just two hours, the altcoins are also dropping hard with many depreciations in the double digits. Over the past 24 hours, Ethereum has dropped about 10% to hit all-time lows of 2018. Last week was a bullish week for the whole cryptocurrency market, but Ethereum failed to record any significant gains as other cryptocurrencies were soaring. With the first downturn since the bullish run of last week, Ethereum is dropping hard.
Over the past 24 hours, there has been over a 41% increase in shorts open on Bitfinex with an over 8% decrease in the number of longs. Analyst and investors have for some time been losing confidence in the smart contract platform, and last week, the mainstream news was reporting on it also. TechCrunch published an article predicting that the value of Ether will eventually go to zero. The price has now dropped below a key level. Around $270 was the price where Ethereum started to increase exponentially last November and price has been long supported by this point this year. This recent drop seen price drop below the support and a close below will be a very bearish indicator.
Ethereum Daily Chart – Source: Tradingview.comThe hourly chart shows the steep drop in closer detail. Price action had been forming a series of lower lows and lower highs since the 1st of September even with increases occurring in other coins. The outlook from this point is long-term and short-term bearish. Price has been increasing since the drop, but around $270 would be expected to act as support turned resistance in the event of a rise back up to this point.
Ethereum Hourly Chart – Source: Tradingview.com Key Takeaways: Steep drops in the price of Ethereum. Bearish outlook with price trading near all-time lows of 2018. Around $270 would be expected to act as support turned resistance in the event of a price rise. 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 Hits All-Time Lows of 2018 Amid Market Crash was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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