2018-9-25 17:56 |
Last week saw bullish movements in the market leader Bitcoin and Ether outperformed for the first time since it’s sharp drop to yearly lows near $170. However, with Bitcoin undergoing bearish movements this week, Ether is back to recording sharp depreciation. Ether has dropped approximately 13% over the past 24 hours bringing it close to the $200 mark.
These drops have been on considerable volume showing that there is some strength behind the move. However, the future direction of price action is likely to depend on the direction of market leader Bitcoin. There are still some positive points to note for price action in Ether. Although the volume of this drop has been considerable, it is less than the volume of the rise of last week showing there has been more strength behind the recent upward movements. RSI has also been forming higher highs and higher lows showing a gradual increase in buying pressure.
Ether Daily Chart – Source: Tradingview.comWe can see on the hourly chart that Ether has drastically underperformed Bitcoin in this most recent drop. Bitcoin has been holding its value well with just a 3% drop over the past three hours, but Ether has dropped from highs on the 23rd near $250 to a low near $200 today, an almost 20% drop.
Some support may be coming in at $200 with a long lower wick on the candle which brought price action down to this level. MACD is starting to converge back up towards the centerline which shows near-term momentum may be shifting back towards the buyers. However, hourly MACD has started to converge several times over the past few days only to continue its price decline.
Ether Hourly Chart – Source: Tradingview.comIts important for traders interested in the price of Ether to also closely monitor the price action of Bitcoin as altcoins have been following the price action of the market leader for most of 2018. The descending triangle pattern which is playing out in Bitcoin will also be an important factor in the direction of the overall market.
Bitcoin Descending Triangle Chart – Source: Tradingview.com Key Takeaways: Ether has undergone sharp declines over the past few days. Some support expected at $200. Volume on less volume than recent rises. Hourly MACD is starting to converge. Important for traders and investors in Ether to monitor the descending triangle pattern in Bitcoin. 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.Ether [ETH] to Return Back Below $200 After 20% Drop? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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