Ethereum (ETH) Risks A Retest Of Yearly Lows Amid Rising Bearish Momentum
Ethereum (ETH) is at a risk of retesting its previous yearly lows as the price action looks extremely weak. The bears are too confident whereas the bulls are completely demoralized when they should be pushing for a trend reversal after an extended correction. The RSI for ETH/USD seems to have formed a rudimentary version of a bullish gartley pattern which could be taken as a sign of temporary relief. However, the RSI could keep being oversold and the price may still fall. This is nothing new and as we have seen the past few weeks, the price can fall straight for hours despite the technical conditions being against it. Markets seldom act rationally and therefore it is better to be prepared for all outcomes instead of just catching a falling knife.
The recent correction seems to have done more damage to Ethereum (ETH) than most large and medium cap coins. This is why Ripple (XRP) ended up replacing Ethereum (ETH) as the second largest coin by market. Currently, that gap has grown…
Read Full Story : Crypto Daily™