Ethereum price flirts with an annual low while ICO download 157,700 ETH


The major currencies are still under pressure, and today even the bitcoin is drifting, testing the key support level near $ 6275. All eyes are on the most valuable currency since it was the strongest currency, giving hope to the crypers during the steep sale last week. The highest levels are still very weak, with Ripple coming close to the August low after falling overnight, while Ethereum threatens another lower movement, with key support of $ 180 in danger.

While volatility is still lower than last week, while majors are approaching key levels, trading activity should become stronger, and with correlations still very high, moves are expected larger in the coming days. Traders should stay on the defensive here, given the short-term sales signals in our trend model and the downward trend, still dominant, at the broader segment level.

DASH / USD, 4-hour chart analysis

The recent strong Dash also joined the decline today in initial trading, falling below the $ 200 level and we maintain short and long-term sales signals on the currency, given the hostile environment in the industry.

BTC / USD, 4 hour chart analysis

Bitcoin failed to recover after the recent relative strength and is still stuck in a relatively narrow range near the $ 6275 level. A move below the support would warn of the $ 6000 level test, and the currency is still able to revisit the crucial long-term zone near $ 5850 in the coming weeks, while the resistance zones are still ahead near $ 6500, $ 6750 and $ 7000. For now, the short-term sales signal is clearly in place, while the long-term configuration is still relatively stable compared to the battered altcoin.

Another breakdown for Altcoin?

ETH / USD, 4-hour chart Analysis

Ethereum still shows no sign of strength, with the selling pressure pushing the coin to the $ 180 level once again. The currency is now very likely to test the crucial long-term zone in the coming days, and the downward trend will likely continue, even if the long-term picture is grossly oversold.

With this in mind, traders should not yet enter positions here, despite attractive price levels, without evidence of a trend change and with sales signals on both times in our trend model. Resistance is ahead of $ 200 and $ 235, while support below $ 180 is between $ 155 and $ 160.

Analysis of the XRP / USDT chart, 4 hours

Ripple is already close to the $ 0.26 level after reducing the market from one day to the next, and the currency seems ready to reach new lows after the short period of consolidation. The next support level is close to $ 0.23 and a break below the August low could make a level test likely. Resistance is still ahead at $ 0.30, $ 0.313 and $ 0.32 and with XRP still showing relative weakness, traders should stay away from entering positions here.

EOS / USD, 4 hour chart analysis

While EOS is even further from the August lows, the $ 5 level has limited rally attempts since last week's selloff, and the currency could end short-term consolidation given the broad weakness among the best currencies. Over $ 5 further strong resistance is ahead near $ 5.30 and a move down in August and the $ 4 level still seems likely, with our trend model being on sale signals on both times.

Image in evidence from Shutterstock

Disclaimer: the analyst possesses cryptocurrencies. It holds investment positions in the currencies, but does not carry out short or daily transactions, nor holds short positions on any of the currencies.

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