Ethereum Could Tank Further; Heres What The Charts Say

ethereum-could-tank-further-here8217s-what-the-charts-say Published 1 month ago Views (15) News

The bear market has been quite harsh to all major altcoins including Ethereum. Over the past 24 hours ago, the coin dipped by 4%. In the last week however, Ethereum tried to stage a recovery. The bears continued to drag prices down despite that.

Buyers of Ethereum have tried to remain calm throughout most of the downswing. The consistent push by the bears have caused the altcoin to experience less to almost no recovery. The technical of the coin  also pointed towards further fall in price before Ethereum starts to rise on the chart again.

In the recent developmental front, the altcoin has announced for its possible merge to happen in the month of August this year. It is to be seen if the altcoin’s price reacts positively to this news. A likeliness of a trend reversal cannot be ruled out as the chart below depicts it.

Ethereum Price Analysis: One Day Chart

Ethereum was trading at $1934 on the one day chart | Source: ETHUSD on TradingView

Ethereum was exchanging hands at $1900 at the time of writing. Continued fall below the current price level would cause the coin to trade at $1700. If buyers continue to remain scanty...

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Michael Siemsen grew up in Venice, California, the second son of a Vietnam veteran turned policeman. Initially focusing on performing arts, Michael attended the prestigious Alexander Hamilton Academy in Los Angeles

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