Weakness has pervaded into Ethereum which has been relatively technically weak for a while now. It has relented its hold on the range between $863 ad $871 to plummet back down through $850 to $834. It is currently looking to break through this level as well.
Ethereum has smashed through support at $850 to return to $834, which is a strong level of support but it does not appear to be holding. Intrepid investors may enter here, but it is likely that ETH will test lower levels in this range, like $809, or even $800. Levels from above will now provide resistance such as $850, $863 and $871.
Elliott Wave analysis seems inconclusive at this point as we simply need more momentum. The Kovach Momentum Indicators are weak at both day and 30 minute timeframes, indicating that the fallout might not be over and investors should be on guard.
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Ethereum has smashed through support at $850 to return to $834, which is a strong level of support but it does not appear to be holding. Intrepid investors may enter here, but it is likely that ETH will test lower levels in this range, like $809, or even $800. Levels from above will now provide resistance such as $850, $863 and $871.
Elliott Wave analysis seems inconclusive at this point as we simply need more momentum. The Kovach Momentum Indicators are weak at both day and 30 minute timeframes, indicating that the fallout might not be over and investors should be on guard.
Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here!
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