Ethereum selling continues on Sunday, trading at $159.77 down 59.55 percent since its record high of $395 on June 13. Will Ethereum price rise again? Is Cryptocurrency a bubble?
16 July AtoZForex – After Ethereum price hike throughout the past few months, things are now definitely heading towards the negative direction. Despite the fact that Ethereum value is still well above the January 2017 prices, the majority just take a gander at the recent price momentum back when ETHUSD price hit $400. Contrasted with that price, things are looking completely opposite for the entire market. Also, it’s not only the Ethereum which is on the bearish side, but also Bitcoin, Zcash and entire list of cryptocurrency are following the same trend.
Moreover, Ethereum is still doing fine. It is always important to look at the bigger picture. Even with its recent decline, Ethereum is still up 2,306% in 2017.
Will Ethereum price rise again?
The main question is: Will Ethereum price rise again? In simple words, the answer is YES!!!
Well, the question proves to be rather difficult to answer right now, since the entire cryptocurrency market is very volatile. The overall market cap is seemingly decreasing, and it is now $14.91 B.
“Anything that goes up that far and that fast must have some sort of correction. Indeed this is what is happening. People take profit, thus there is extra supply in the market.” – 7marketz group strategy director Yagub Rahimov commented.
Moreover, the Ether trading markets are quite popular in South Korea and China. The same goes for all other cryptocurrencies these days, including Bitcoin, Zcash, and Litecoin. Bithumb and Coinone are overlooking in Korea, whereas OKCoin.cn is clearly the major market for CNY trading. Ethereum has strong trading volume right now, even though it seems to put negative pressure on the market.
ETHUSD Technical Analysis
It is important to look the broader scope of the cryptocurrency market. According to technical indicators, the market is going to stabilize in near future.
The SMA100 line is above the SMA200, which signify buying at the current level for long term investors. Moreover, for the weekly horizon, some of the indicators are still neutral and the STOCHRSI(14) signify oversold signal. I suggest traders and investors should still wait for the bullish signals in technical indicators as the indicators are not in the favor of Ethereum.
ETHUSD Weekly Support and Resistance levels:
Will Ethereum price rise again? Share your ETHUSD analysis in the comments below.