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A fall of 33% in the last week means that Ethereum sellers are trampling on the accelerator pedal. There are many theories about this rapid decline with most associating this landfill with ICOs losing their patience and cashing. Others are focusing on the influence of Bitcoin and the correlation between the two, while some are combining this problem with mining problems and how unprofitable it has become. However, ETH as the rest of the market is falling and trading below $ 200 with sellers pointing at $ 150.
From the news
The research says that, in seven years, the use of cryptocurrency would have been a point -and we can see suggestions of this. To unleash this are events in Iran and Venezuela. There are people who literally flock to ETH, DASH and Bitcoin as a reserve of their life gains in the face of fleeing inflation and a crisis economy. On numerous occasions, cryptocurrencies and single currencies such as ETH were evidently bulwarks against government mismanagement and corruption. But, it could improve, especially when the currency becomes a main residence rather than an instrument of speculation.
Support from this recent SharePost survey showed that despite market recessions, many are confident of a recovery and the bottom of the market, Australians are playing contrarian cards, loading coins they believe would be much more valuable over the years to come when they would be a presence in the global economy.
In fact, with the introduction of more stable currencies such as the twin dollar, supported one-on-one against the USD and overseen by the New York Department of Finance, their creators are providing investors with a way undervalued to invest in crypto now that volatility has been contained. Gemini, a Winklevoss twins exchange, allows users to deposit in USD and withdraw via their stable Ethereum-based currency to an Ethereum address and vice versa. The peculiarity of this new currency is that the smart contract has been certified to be secure and on a monthly basis, a publicly certified auditing firm will pass through the stable fiat currency account to ensure that the peg remains 1: 1.
Ethereum ( ETH) Technical Analysis
Weekly Chart
Weekly Chart of Ethereum for Negotiation
If ever, the depreciation in the ETH was quick and unusual. Many are attributing it to ICO funds that dump their assets by fueling depreciation and it could be true. So far, ETH prices have dropped 33 percent in the last week. This means that ETH is trading below $ 200 and will probably hit $ 150 in the next few days. Naturally, this lack of confidence in ETH will allow accelerating the drainage of this value. Exacerbating this situation, the candle last week swallowed up by the candelabra that compensates for the lower $ 250 supports that trigger the trade in short films, as highlighted in our latest business plan of ETH. Simply because of last week's declines, we recommend shorts on every high this week with $ 150 goals.
Daily Chart
Ethereum Daily Chart by Trading View
Nell & # 39, last day, ETH is down 4% and the result is a fall below last week's low. With the bottom margin, it means that our latest ETH business plan is true. As such, traders can add their short positions on all the higher levels in less time. Needless to say, if a recovery should occur, prices are likely to find resistance at around $ 250. This is before sellers resume their push toward $ 150 during the upturn phase
Disclaimer : This is not an investment advice and the views represent that of the author. Do your research before making an investment decision.
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