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When It Rains, It Pours. Ethereum Briefly Dips Below $100

  • Thomas Hughes
    ⭐ Features

    Ethereum slid below the key $100 mark for a low of $98.04 on Kraken, with other exchanges listing slightly different prices.

When It Rains, It Pours. Ethereum Briefly Dips Below $100
Cover image via u.today

Another wave of selling occurred over the weekend, and the market cap decreased to 115 billion USD before recovering to 129 billion USD. Ethereum slid below the key $100 mark for a low of $98.04 on Kraken, with other exchanges listing slightly different prices. The new drop wasn’t caused by any apparent reason other than panic dumping and an overall negative sentiment surrounding cryptocurrency in general.

Ethereum’s daily volume ($2.2 billion) surpasses both Ripple and Bitcoin Cash combined, and although it has dropped in third place for quite a few days now, it’s clear there is still interest for this cryptocurrency, which may lead to a bullish recovery.

Charts at a Glance – ETH/USD

image

The daily chart above is showing a solid downtrend, with ETH trading at $116 at the time of writing for a 27.80% drop over the last 7 days and a small 6% climb during the last 24 hours. Currently, there are no clear signs of trend reversal, but there are signs of a pause in bearish movement and possible retracements higher.

The Relative Strength Index is oversold for a few days on the daily chart (more important than lower time frame charts). The bearish (red) candles have become smaller and with wicks in both their upper and lower sides (sign of indecision), and the pair has rebounded from the key handle at $100, which is a very strong psychological level.

The main upper target for a potential retracement is the bearish trend line that has capped the pair for the last few months, as well as the technical level at $170. The overall bias remains bearish but retracements higher are a distinct possibility.

Support zone: 100

Resistance zone: 130 - 140 (previous long-term support – see weekly charts) and 170

Most likely scenario: retracements towards the bearish trend line

Alternative scenario: drop through 100 without retracement

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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📰 News
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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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