Ethereum, being the second-largest cryptocurrency in the industry, is all over the news with its unstabilized data pattern. After its dive to $880, this crypto company has led to high liquidations in the industry, pressurizing the asset’s openings even further. It is also quite possible that ETH could further go down to nearly 80%, as per the statement given by John Roque, the technical analyst. The 22V Research expert says, “Ether is ‘oversold daily and oversold weekly’ and cannot rally”.
A retreat was observed on June 19 as Ether first reached up to $1,279 and then later went back to $1,200, which till now is the primary support system for ETH. Although, the 200 WMA is still positioned at the same price, thus holding up the cryptocurrency for the last 4 days. Till a week ago, blockchains were battling their worst conditions, but are now gradually becoming steady.
Another update in the world of cryptocurrency is about the meme currency, Dogecoin which has turned successful in marking its position as the most valued digital property in the topmost 100 crypto assets by industry capitalization.
As for the ETH, though it is currently above the caution zone, the cryptocurrency market lacks enough power to support it further.
It was also suggested that Ether’s performance as inflows in the industry is weak, making the asset endure at lower areas and giving out a reduction in volume trend which appears like a future bearish reversal.
Undeniably, Ethereum has a long way ahead before its condition becomes better or even a promising one, as it is at a continuous downfall since April and won’t improve until it reaches a platform above the 200-WMA.
Currently, Ether is dealing at $1,231, increasing up to approx. 3% of its value within a day ago.
Aurora has worked with a leading crypto news site as a Journalist. Aurora is working as Senior Journalist with Coinfea. She loves to travel in her free time.