The price of Ethereum falls to $ 188 Overnight then peaks 8.5%: when lower?


The main cryptocurrencies have been traded in narrow ranges so far this weekend, especially compared to the volatile dip of the last days. While the lows set on Thursday continue to curb the market, and Bitcoin is again showing encouraging stability, long-term bearish forces are still clearly dominant.

The main altcoins are all subjected to strong selling pressures, and in particular Ethereum is looking weak on all time, heavily on the segment. While volatility has declined considerably today, the correlations remain very high, and despite the fact that most majors are operating above the August lows, the odds still favor one other lower leg in the broad downtrend.

With this in mind, traders should not place new positions even in the relatively strong currencies until at least a short-term trend change, with our trend model also on a short-term sales signal across the whole line. We will review the long-term patterns once again, in our analysis of the long-term cryptocurrency that will come out later this weekend.

BTC / USD, 4-hour chart analysis

Bitcoin is still below the short-term trend line broken while trading above the key support level $ 6275. August lows are well below current price levels in the BTC market, and together with the fact that the larger currency is above the crucial long-term zone near $ 5850, the bulls still have the hope that the market will be in a broader model of fund, and BTC will lead a more enduring rally in the coming months. For now, BTC is a signal of short-term sales while remaining neutral from a longer-term perspective. Additional support is found at $ 6000 while resistance levels are ahead of $ 6500, $ 6750 and close to the $ 7000 level.

ETH / USD, Analysis of the 4-hour chart

The relatively weak Ethereum barely stretches above the minimum this week, still threatening with a breakdown towards the $ 205 and $ 180, with the bearish structural tendency clearly intact. Our trend model is based on sales signals on both maturities and ETH is facing strong resistance at $ 235 and $ 260, so traders should not yet enter new positions here.

Bulls trying to maintain their position above the lows of August

IOTA / USD, 4 hour chart analysis

Most of the smaller altcoins managed to avoid breaking the new lows of long term together with Ripple, but given the weak rebound in the minimum levels this week, it seems likely to test the smallest case of most of the best coins. EOS and IOTA are both among the weakest currencies, although the IOTA is well above the August low, as the currencies failed to approach their structural abatement levels during the recent rally.

EOS / USD, 4-hour chart analysis

EOS seems to be ready to test the lows in the coming weeks, showing relative weakness compared to the rest of the market and lowering the short-term resistance line close to $ 5 , 40 on Friday. Above the low near $ 4.20, another weaker support level is $ 4.55, but traders should not enter the market here, as a $ 4 decline is likely in the coming weeks.

XRP / USDT, 4-hour chart analysis

Ripple is once again among the weakest currencies from a short-term perspective that fails to remain above the $ 0.30 level after the recent rebound. The currency is drifting sideways with the broader market today, but a move to support $ 0.26 and August lows seem inevitable. Further resistance is ahead of $ 0.3130 and $ 0.32, while the next major support zone is close to $ 0.23.

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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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