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Ethereum (ETH) Finds Near-Term Support After Latest Sell-Off

Ethereum (ETH) Finds Near-Term Support After Latest Sell-Off

Nick Cawley, Strategist

Ethereum Chart and Talking Points

- Fibonacci retracement support taken out with ease.

- Descending trend line still in charge of market direction.

Ethereum Treads Water After Latest Sell-Off

The latest Ethereum (ETH) sell-off saw a major Fibonacci support level taken out convincingly, leaving the market vulnerable to further falls in the medium-term. The 78.6% support level ay $488 was broken mid-last week, leading to a further slump down to a weekend low of $360, although buyers have pushed the market back up towards $400.

The push-back coincides with a tweet by Ethereum founder Vitalik Buterin – made on April 1 – who said that he was looking at a potential cap for ETH supply of potentially 120 million tokens. However Buterin later said that this was intended as an April’s Fool, although the arguments for proposal are ‘very real’.

While ETH may have stabilized, the downtrend from January 13 continues to be observed and points to lower prices in the coming weeks. The token currently is trading around a cluster of candles seen back in mid-November/December, highlighting the current market pull-back. The chart also shows the 50-day ma turning closer towards the 200-day ma, highlighting the current market weakness. On the downside there is no real support until $275 ahead of the start of the rally at $200.

A look at IG Client Sentiment Data show that traders’ positioning may also be pointing to lower prices in the future.

Ethereum (ETH) Price Chart Daily Time Frame (August 24, 2017 – April 3, 2018)

Ethereum (ETH) Finds Near-Term Support After Latest Sell-Off

We will be discussing a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar every Wednesday at 12:00 GMT.

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Ethereum, Litecoin, Bitcoin Cash or Ripple we can offer you a range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account. In addition we run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.

What’s your opinion on Ethereum – bullish or bearish? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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