Free fall in the Ethereum prices - How deep in can it go? - Forex News by FX Leaders

Free fall in the Ethereum prices – How deep in can it go?

Posted Tuesday, August 14, 2018 by
Arslan Butt • 1 min read

The Ethereum price declined over 10% against the U.S. Dollar at the start of this week, placing fresh lows of 2018. A strong bearishness in the ETH/USD doesn’t seem to halt until the $235 level is met. It’s not just Ethereum, but other cryptocurrencies are also exhibiting a sharp sell-off. Recalling our earlier update on BTC/USD, the market slipped below $6,000 to place a low of $5,858 before pulling back.

One of the reasons behind the bearish sentiment in the crypto market could be a stronger dollar. As we discussed on Aug 14 – Economic Events Brief, the dollar index has placed a new monthly high after violating the Ascending Triangle pattern.

ETH/USD - Daily Chart

ETH/USD – Daily Chart

Technically, the ETH/USD is very bearish as you can see on the daily chart. The pair has formed a long-term bearish channel on the daily chart which is likely to extend support to $234. On the upper side, resistance prevails at $280.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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