The price of Ethereum extends the slide as an ETH mining activity and no longer profitable


The bearish period has continued until today in the cryptocurrency segment with various majors that fall below short-term support levels. Bitcoin breached the $ 6275 level, Ethereum dropped back below $ 200, while Ripple is now below the $ 0.50 level again. Even the smallest currencies are subject to a clear selling pressure, and our trend model continues to represent an absolutely negative picture, especially with regard to the long-term time frame.

BTC / USDT, 4 hour chart analysis

Bitcoin reached its lowest level in a month, dropping below the $ 6275 support and likely setting a $ 6000 level test and also endangering the key long-term support zone near $ 5850. Total market decreased by more than $ 5 billion due to the selloff, and the bulls would need a quick recovery to avoid another lower leg in the bear market after the long period of consolidation.

Bitcoin faces strong resistance at $ 6500, $ 6750 and $ 7000 while under $ 5850 the next major support zone is between $ 5000 and $ 5100. Traders should stay away from opening new positions, with our model trend still in a short-term sales signal.

XRP / USDT, 4 hour chart analysis

Ripple also followed the broader lower market, and is now clearly below the $ 0.51 level, with the recent weakness that guarantees a neutral downgrade in our short-term time frame trend model.

While the long-term outlook is still neutral, given the segment's trends, traders and investors should remain cautious with the new positions even in the case of a new buy signal in the coming period. Support below $ 0.51 is still between $ 0.42 and $ 0.46, while additional resistances are close to $ 0.54 and $ 0.57.

Litecoin approaches the low bear market while Ethereum still heads $ 200

ETH / USD, 4 hour chart analysis

Ethereum dropped back below the key $ 200 support / resistance level after last week's failed rally attempt, and now the currency is once again selling signals on both times in our trend model. While the second largest currency is well above its bearish minimum, which is close to $ 170, but given the strong long-term bearish trend, the odds continue to favor a test of this and probably also the $ support. 160.

With this in mind, traders and investors should stay away from the ETH currency, with strong resistance zones ahead of $ 235 and $ 260, and with additional support found at $ 180

LTC / USD, 4 hour chart analysis

Litecoin is still among the weakest currencies and is getting closer and closer to the bear market near $ 47, with a very likely breakdown in the coming weeks. The price level of $ 44 is the next major support, while in the case of a recovery of more than $ 51, the next strong resistance zone is close to $ 56, with another area above the $ 54 zone.

EOS / USD, analysis of the 4-hour chart

EOS dropped below the key support / resistance level of $ 5.35 amid the large selloff today, and is now again on a short-term sales signal, with a long-term trend clearly negative term. Now, a $ 5 level test seems likely in the coming days, and a break below that could create a move to the strong support zone close to $ 4.50.

That said, the consolidation period could continue and the currency could still avoid a new downtrend in the bear market, which could indicate a long-term underlying process.

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Disclaimer: the analyst possesses cryptocurrency. It holds investment positions in currencies, but does not carry out short-term or day-trading transactions, nor holds short positions on any of the currencies.

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