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Ether (ETH) Struggles After Sell-Off, Cryptomarket Slumps

Ether (ETH) Struggles After Sell-Off, Cryptomarket Slumps

Nick Cawley, Strategist

Ether (ETH) News and Talking Points

- After trading in the early $700s at the start of the week, ETH may soon be trading with a five-handle.

- Wednesday’s sell-off shaves $40 billion of crypto-market capitalization.

IG Client Sentimentshows that 93.5% of traders are long of Ether. Download our free guide to see what this means for traders.

Ether (ETH) Chart Shows Near 20% Daily Fall

Ether’s recent rally from this year low around $360 came to an abrupt halt on Wednesday with the token losing nearly 20% on the day before recovering slightly. The fall broke a run of 16 higher lows in a row and may signal further falls back to the February 6 swing low of $568 if the 200-day moving average around $586 is broken. Ether’s sell-off came after former CFTC regulator Gary Genser questioned whether Ether, and Ripple, should be classified as securities, a situation that would put cryptocurrency exchanges under pressure to potentially de-list the tokens or fall under regulatory scrutiny.

Confidence in the cryptocurrency space was also hit Wednesday when MyEtherWallet, a web based wallet used for storing Ether, confirmed that it had been hit by a DNS spoofing attack that redirected site traffic to a phishing site.

Wednesday’s sell-off in ETH was part of a wider bearish move in the cryptocurrency market that clipped $40 billion of its market capitalization, currently standing at $395 billion. In the last 24-hours Ether’s turnover has reached $3.6 billion with around 30% denominated in either US dollars or Tether (USDT).

We discuss a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar on Wednesdays at 12:00.

Ether (ETH) Daily Price Chart in US Dollars (August 22, 2017 – April 26, 2018)

Ether (ETH) Struggles After Sell-Off, Cryptomarket Slumps

Cryptocurrency Trader Start-Up Resources

If you are interested in trading Bitcoin, Bitcoin Cash or Ether, Litecoin or Ripple we have an Introduction to Bitcoin Trading Guide along with a Free Demo Account to help you get started.

What’s your opinion on Ether – short-term pullback or bearish correction? 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.

https://www.dailyfx.com/free_guide-bitcoin.html?ref-author=Cawley

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

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