ETH is at 2108u now, its new low for today and the lowest price of the week.
It traded sideways between 2230 and 2240 all weekend, looking pretty steady. Then this morning, a huge red candle smashed straight through, dropping more than 100 points in one go.
It even touched 2435 last week, so it’s given back more than 300 points in just a week. It’s fallen even harder than Bitcoin.
Bitcoin has just been following the US stock market these past few days, and ETH follows Bitcoin. When the big brother takes a hit, ETH only falls further.
It’s now just a few points away from 2100. If it breaks below this round-number level, the next stop is 2000. Market manipulators love to drive prices through round numbers, so it wouldn’t be surprising to see a wick down near 2000.
The 2230 level, where it traded sideways all weekend, has now turned into resistance. Until it rebounds above 2230, treat any bounce as a relief rally.
Da Chao’s outlook on ETH is also bearish, just like his outlook on Bitcoin. Don’t buy the dip until there are signs that the price has stopped falling. #比特币连续五周下跌
$ETH
It traded sideways between 2230 and 2240 all weekend, looking pretty steady. Then this morning, a huge red candle smashed straight through, dropping more than 100 points in one go.
It even touched 2435 last week, so it’s given back more than 300 points in just a week. It’s fallen even harder than Bitcoin.
Bitcoin has just been following the US stock market these past few days, and ETH follows Bitcoin. When the big brother takes a hit, ETH only falls further.
It’s now just a few points away from 2100. If it breaks below this round-number level, the next stop is 2000. Market manipulators love to drive prices through round numbers, so it wouldn’t be surprising to see a wick down near 2000.
The 2230 level, where it traded sideways all weekend, has now turned into resistance. Until it rebounds above 2230, treat any bounce as a relief rally.
Da Chao’s outlook on ETH is also bearish, just like his outlook on Bitcoin. Don’t buy the dip until there are signs that the price has stopped falling. #比特币连续五周下跌
$ETH
