The crypto market is going through hard times and while most coins are in the red Ethereum is getting the most damage but with some recover. Ethereum is not ascending to the one hundred and sixty dollars ($160) price mark for the past three days but the currency has finally hit one hundred and sixty-four dollars mark ($154) today.
Over the course of the past three days, no notable improvement has been observed. Lately, it has been observed to be going towards the top of the descending triangle.
As of now, the relative strength index is stable and the stochastic analysis indicates that a large market momentum should be expected. This allows the ETH/USD to carry out a short term rally. This rally, however, is now expected to tackle the downtrend resistance as the market momentum is gradually descending.
It was expected that ETH/USD will be descending below the price marks of a hundred and fifty dollars ($150). Now that the hundred and sixty dollars ($160) price mark is achieved it will be subjected to retest of the top of the rising wedge. Experts had doubts that this may not happen because of the decreased market momentum.
The daily chart for ETHUSDShorts shows that the decreased market momentum can be dealt with but the number of shorts against ETH/USD is likely to decrease as Ethereum having a hard time rallying towards a hundred and sixty dollars ($160) price mark.
On the other hand, if ETH/USD shorts continue to stay around the levels they are at it is expected that they will be met with a rejection of fifty exponential moving average.
Bitcoins downfall impacts the altcoins more severely. The same is not true if altcoin prices go down though.
Bitcoin’s dominance and impact make us realize that Ethereum could notice new lows against Bitcoin (BTC) even before the market momentum has picked up the pace.