Ethereum news and topics of conversation
– – The establishment of the Ethereum chart suggests another downward trend.
– There is no short-term support.
IG Client Sentiment show that 90.7% of traders are net long on Ethereum and recent changes in customer positioning give us one stronger contrary bearish stance. Download our free guide to see what this data means and how traders can use the information for potential trading configurations.
Notes on the Ethereum table at lower prices
The recent strong downtrend For the second largest cryptocurrency, Ethereum is likely to push the 50-day moving average through the 200-day moving average, a technical configuration known as the bear or death cross. The crossover is usually confirmed with higher volume – which is not the case with ETH – and shows a decline in short-term dynamics. While ETH has already fallen over $ 1,000 to a current level of $ 394, the cross-over could indicate that bearish sentiment is continuing and lower prices may follow.
ETH is currently respecting its downtrend channel from January 13th high at USD 1,421, although the token is currently attempting to break higher. The graph shows that ETH had a false break above the trendline in early March before falling back below the trend for the past five weeks.
Bitcoin (BTC) has had its own experience 50/200 day crossover At the end of March, when the token was trading at around $ 7,500, compared to a current level of $ 6,720.
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Ethereum (ETH) price chart in US Dollars (September 7, 2017 – April 10, 2018)
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How do you see the Ethereum ‘death cross’? Let us know your thoughts and ideas in the comments section at the bottom of the article or contact me on Twitter @ nickcawley1 or email me at [email protected]
— Written by Nick Cawley, Analyst.