Perhaps the best news about today's drop in Ethereum (ETH) is that it gives us something to say about this range-bound coin. Looking at a four-hour chart, it would seem that ETH has reached the bottom end of its trading range near 179.
Other than running stops or an unforeseen crypto crash, we can't imagine what the rationale would be to take Ethereum (ETH) down. That said, weak price action in other big coins such as Bitcoin Cash (BCH) and Litecoin (LTC) is a point of concern. If there is another big down day, those coins do have the power to take Ethereum (ETH) down with it.
Bottom Line: We are going to stay calm and carry on with Ethereum (ETH) near the bottom end of its range.
Other than running stops or an unforeseen crypto crash, we can't imagine what the rationale would be to take Ethereum (ETH) down. That said, weak price action in other big coins such as Bitcoin Cash (BCH) and Litecoin (LTC) is a point of concern. If there is another big down day, those coins do have the power to take Ethereum (ETH) down with it.
Bottom Line: We are going to stay calm and carry on with Ethereum (ETH) near the bottom end of its range.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.