Ethereum Is on the Verge of Extending Even Lower: Analyst
Ethereum is on the verge of dropping back towards its local lows if it fails to retake a pivotal support level, an analyst argues.
He shared the chart below on September 7th, noting that Ethereum is currently trading below a pivotal resistance level at $340. $340 has held as both support and resistance over the past few days as ETH has undergone a strong drop.
According to the trader, if Ethereum doesn’t “power above” and hold above $340, a drop lower is likely:
Chart of ETH's price action over the past few days with analysis by crypto trader Cold Blooded Shiller (@ColdBloodshill on Twitter). Chart fromTradingView.com
This bearish short-term outlook comes as Ethereum’s long-term fundamentals have seemingly become stronger than ever.
Ryan Watkins, a researcher at Messari, noted that his analysis of Ethereum’s fee market indicates that the asset is “probably undervalued” as a capital asset, even though it’s much more than that:
Forsage Scam Could Compound Selling Pressure
A crypto Ponzi scheme/pyramid scheme called “Forsage” or “Smartway Forsage” could increase Ethereum’s chances of moving lower.
Dovey Wan, a crypto commentator and partner at Primitive Capital, recently commented:
She thinks that the collapse of the Ponzi could result in selling pressure on the Ethereum spot markets.
Photo by Wenniel Lun on Unsplash Price tags: ethusd, ethbtc Charts from TradingView.com If Ethereum Doesn't "Power Above" This Level, Watch Out Below: Analyst
Originally from Bitcoinist.com https://ift.tt/2FfNLxQ
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