|$ETH Price Change|
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Ether has experienced a largely bearish market for over seven months. $XRP assumed second market cap overall, and stayed there. Some of this loss can be attributed to the failure of third party ether based tokens. Unfortunately these ether based ICO’s failed to garner long term investment buyers, but gained and lost temporary short term trading interest instead. Compounding the problem is the subsequent delisting of failed coins, leaving an illiquid state.
Bitcoin has also been pushing the price of ethereum down, disproportionately, over the recent weeks.
Today’s support levels are taken from Coinmarketcap 2017 data. The price is so low there is no Binance data for the current support level. This however can also be construed as a reason to buy.
Overall and taking the long term view, it is the author’s opinion that notwithstanding ether’s difficulties it is currently oversold. Today’s market doesn’t appear to hold the same view, as the short term technicals are mostly bearish.
Moving Average Convergence Divergence (MACD)
The MACD on the four hour chart is bearish.
Exponential Moving Averages (EMA)
The short term EMA is lower than both the medium and long term EMA, and pointing south. This is a bearish state.
Relative Strength Index (RSI)
The Relative Strength Index on the chart is 28.2. This is an oversold state.
Bitcoin Price Modifier
The 24 hour Bitcoin change is -4.93%%. This may exert a bearish influence on Ethereum today.
24 Hour Ethereum $ETH Price Outlook
- the twenty-four hour Ethereum $ETH price outlook is neutral
- if the price finds acceptance at higher levels the immediate resistance prints at $104.79
- if the price finds acceptance at lower levels the immediate support prints at $103.00
The author does not hold Ethereum $ETH at the time of writing.
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