Bitcoin Cash and Ethereum Price News: Further Falls Ahead
Bitcoin Cash and Ethereum: Prices, News and Technical Analysis
- Ethereum (ETH) and Bitcoin Cash (BCH) charts look bearish
- Lack of incentive to buy the market could see prices fade further.
Bitcoin Cash (BCH) Price Down 90% from December 2017 High
A huge slump for Bitcoin Cash, with worse expected to come, with the crypto down from a peak of $4,100 at the end of December to a current mid-market price of $414. Admittedly, BCH started as a free coin drop in late 2017 but the severity of the fall, and the lack of any support levels, could see further lows in the short-term. A cluster of trade around the $270-$300 area back in mid- to late-October may provide support but given the complete lack of incentive to buy any cryptos at the moment then even this ‘support zone’ may prove short-lived.
Bitcoin Cash (BCH) Daily Price Chart (September 2017 - September 18, 2018)
IG Retail Sentiment continues to show that investors remain heavily long of the cryptocurrency market.
Ethereum (ETH) Looking to Make Another Year-to-Date Low
Another spectacular fall from grace - $1,420 to $198 –with near-term support again missing.The second-largest cryptocurrency which some had predicted would overtake Bitcoin (BTC) in market capitalization – ‘The Flippening’ – is under constant selling pressure as the ICO market spirals ever lower. Adding to the worry is the speed with which double-digit losses can occur - hours not days – and the lack of any buying at the lower levels. Retail remain heavily long of ETH and maybe they are now ‘full’ of a depreciating asset and are unwilling to put any more money into the space. A break of last Wednesday’s low at $167.6 could see Ethereum fall to between $120 and $150 in a short space of time. A break back above $300 would be needed to bring some bullish cheer back to the space.
Ethereum (ETH) Daily Price Chart (September 2017 – September 18, 2018)
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What’s your opinion on the latest market crash? 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 email@example.com.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.