Analyze graphs: when Ethereum will regain second place on Coinmarketcap?

Price Ethereum once again come to the key support level. Only now he’s almost a hundred dollars less than a couple of weeks ago. Abroad $ 120 cryptocurrency is waiting for “the abyss” — a drop to $ 90 and beyond. To maintain at least some chance for growth, Ethereum needs to remain slightly above the current market price.

The General situation looks like this:

  • the asset has experienced a new wave of rapid decline, which threw him to the level of $ 120;
  • the trendline on the 1 hour chart is still in force;
  • for growth in the medium term, the price of cryptocurrency should rise above $ 140.

Today Ethereum is trading at 134 dollars. In the past 24 hours he fell to 2.88 percent, and its market capitalization is equivalent of 13.85 billion. Daily bidding stopped short of the $ 3 billion.

Technical analysis

Experts say the Platform, drop cryptocurrencies will continue until such time as she will not be able to overcome the line’s $ 140 with good trading volumes. Now the major obstacle for Broadcast are declining trendline and 100 SMA (on a scale of 1-hourly chart).

Price Ethereum konsolidiruyutsya in a horizontal channel just above $ 120. Asset even managed to overcome the level of 0.263 Fibonacci padded with the last drain. However, at the top there is still a lot of obstacles. To talk about the early growth even in the medium term is impossible. For this cryptocurrency it is necessary to break the declining trendline and then rise above 100 SMA.

Image source — NewsBTC

So, the criteria for opening a long position we already have. However, right now the Ethereum safest place to short with a stop loss just above $ 145. Technical indicators also do not give any signals to grow. MACD is close to bullish, but RSI is still hovering below average.

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