Ethereum: Technical Analysis and Estimates

September 7, 2017

2 min

Table of contents

Ethereum, currently the world’s second largest cryptocurrency with a market capitalization of over $30 billion, was severely damaged by the recent market plunge, triggered by the introduction of unfavorable ICO regulations in China. In the months preceding the surge the coin demonstrated stunning performance. Traded at around $11 on February 2nd, Ethereum has reached $387 just hours before the crash. Since then it had retraced to $155 but quickly rebounded to $392, reaching yet another all-time high. The ETH price action is back in the red now.

Support and resistance levels according to Fibonacci Lines

Ethereum is currently traded at $323, which was last seen on July 23rd. Several observations can be made when using technical analysis indicators, one of them being Fibonacci Lines. The drop from $392 to $274 marked the 50% retracement. The price action then rebounded and passed the 61% retracement without stopping. The reading of the MACD indicator can be used as another confirmation of an upcoming negative trend.

According to MACD, the short-term trend is out of growth potential

The short-lived bullish trend that brought the ETH price $48 up seems to be out of breath. The beginning of a new trend, this time bearish, corresponds to the appearance of three red candlesticks. This trend can be expected to continue in the short-term.

Short-lived positive trend has come to an end

What should you learn next? Turn the wheel to find out!

rainbow circle

How to Capitalize on Marijuana Stocks?

share

previous post

The 2024 US Election: How Will the Markets React?
US election impact on markets
The 2024 US Election: How Will the Markets React?

next post

This One Tweet Foretells the End of the ICO Bubble
This One Tweet Foretells the End of the ICO Bubble

Latest posts

The 2024 US Election: How Will the Markets React?

31.10.2024

US election impact on markets

Breaking a Losing Streak

29.10.2024

How to Trade Commodities on IQ Option: A 360° Guide

14.10.2024

Trading commodities on IQ Option

The US Presidential Race 2024 Market Influence: What You Need to Know Now

11.10.2024

Top TV Series and Reality Shows about Trading

07.10.2024

Top TV shows about trading

Short Selling: How to Trade Forex in a Downward Market

30.09.2024