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Ethereum Sell Signal prefigures Possible Crypto Trend Shift

(Bloomberg) – While cryptocurrencies have started the week swinging between gains and losses, the outlook may not be too optimistic for some of the largest digital assets.

A tool used by technical analysts called the GTI VERA Convergence Divergence Indicator that detects trend reversals is blinking a sell signal for Ether, with the longest buying trend since October ending in the third largest digital currency. The shift could foreshadow a negative turn for Bitcoin, which is also close to a trend reversal.

Ether slipped up to 9.5 percent to $ 113.49 in New York, the fifth decline in six trading days, before rising higher. Bitcoin, the largest digital asset, has plummeted by 4.5% to $ 3.487, the lowest level since December 18, before recovering to change little. The XRP, which passed Ether as the second currency, fell 5.7 percent to about 32 cents.

Of course, some good news could be in the Ethereum network due to a software update on January 16th. The vast majority of miners whose computers support the network are required to adopt the changes, which should reduce the benefits to provide computing power and, consequently, supply of new coins entering the market.

– With the assistance of Kenneth Sexton (Global Data).

To contact the journalist about this story: Olga Kharif in Portland at the address okharif@bloomberg.net

To contact publishers responsible for this story: Jeremy Herron on jherron8@bloomberg.net, Dave Liedtka, Brendan Walsh

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