There are early signs that the largest altcoin by market cap, Ethereum (ETH), has not yet printed its bottom for this crypto bear market.
Currently, ETH’s price has traders questioning when a countertrend rally post the current price decline will occur. Since September 12 of this year, the decentralized smart contract token has lost approximately 30% of its market value, according to CoinMarketCap. This has left traders to adopt a sidelined, cautious mentality.
ETH is currently trading at $1,326.88 and a bullish divergence was spotted on the 2-day chart when ETH’s price tagged the resistance zone at $1,220. Shortly thereafter, bulls then rallied 10% into the $1,340 barrier.
ETH daily chart (Source: CoinMarketCap)
The 9 Exponential Moving Average (EMA) line is currently acting as resistance to ETH’s price and is hovering around $1,371.22. The previous day saw ETH’s price attempt a break to the 9 EMA level but the move was stopped in its tracks as ETH was only able to reach a daily high at $1,360.
The continuous buy volume dominance present in ETH’s charts suggest that bulls are keen to make another move towards the resistance level. Opening any ETH trades now would be ill-advised as ETH’s price could experience a further decline to wipe out the liquidity level of just under $1,200 seen on July 16 of this year.
Investors should also be aware of the fact that the safest invalidation for any uptrend move should be placed under the July 12 swing low at $1,006 given ETH’s latest steep decline.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post Eth Has Lost 30% Of Its Market Value Since September 12 This Year appeared first on Coin Edition.
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Source: Cryptocurrency - investing.com
