Reading: Ethereum Price Analysis: Under $270 and Falling Amid Altpocalypse Eustace Cryptus | Aug 14, 2018 | 05:00 It’s been a terribly rough two weeks for altcoins, and the situation doesn’t appear to be getting any better. Nobody’s price is safe, including Ethereum (ETH), ADA, XRP, XLM, and BNB.
ETH$256.490 -3.37% remains in a tough spot, and so far there is no silver lining as ETH price is now now at at a 9-month low after 18 days of posting lower lows on the daily chart. The daily RSI has dropped below 20 and could descend a bit further as it did in April when it fell to 16.
Since ETH is typically hinged to BTC $6064.71 -1.5% price, it might be good to also keep an eye on BTC’s RSI. BTC’s RSI is not as deeply oversold as ETH’s, meaning ETH could fall further.
As mentioned previously, ETH has met strong resistance at the overhead moving averages and barring a high volume breakout, ETH is likely to be pinned down at this point. Considering the state of the RSI means an oversold bounce is in order but there are many resistance levels for ETH to overcome.
The daily chart shows a full retrace from recent highs ($0.1978) and former supports will now function as resistance. In the event of a turnaround, ADA $0.09128 -2.74% will struggle to gain above $0.1222 which also aligns with the 23.6% Fib retracement level. Read more from bitcoinist.com…
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