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“Bearish” signal confirmed for ETH
The exponential moving average (EMA) which is the average of the closing prices for a specific number of days divided by the number of days considered, is decreasing with the price of Ethereum (ETH). According to analysts, the EMA is below 10, which indicates a confirmed bearish trend for the ETH price.
The chart above posted by analyst Alanmasters indicates a clear bearish divergence for the cryptocurrency as the EMA below 10 just before the close of the day. The analyst also said that the RSI is also down, and the MACD is exhibiting a bearish divergence.
The analyst also pointed to more red candles or bears than the green bars, which help predict what will happen next. And therefore, based on these signals, he predicts that ETHUSD will drop to at least $ 486 or more.
He also said that if the EMA moves above 10 the conditions could change. But for now, ETHUSD is more likely to move lower than it is now.
Bitcoin should also plummet
Bitcoin’s price has just dropped below $ 19,000 and is trying to regain lost momentum. The price had plunged to $ 18,500 but gave up on $ 18,900 levels in a short amount of time.
One of the analysts predicted a drop in the prices of the first and second crypto, Bitcoin and Ethereum. According to analysts, Tapas Sahoo, Bitcoin’s price could plummet from $ 17,500 to $ 17,800 levels and Ethereum’s price could drop to $ 540 to $ 550 levels and HODL.
Collectively, with the bearish divergence of the top two cryptocurrencies, the start of the Altcoin Market can be perceived as expected by many analysts. Furthermore, the other analyst is still hoping that Bitcoin and Ethereum will exceed $ 20K and $ 700 respectively in the next few days.
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