Ether had largely bucked the trend when it came to the bearish phase in cryptocurrencies. However, even Ether now is getting impacted by the reversal in the cryptocurrencies.
Trading at one-month lows:
Ether is currently trading below $ 800. From the looks of it, Ether can go down even further. Currently, it is trading with the fall of 5% in the last 24 hours.
In the month of February, it even hit a high of $ 982. Since February 18, after hitting that high it is fallen by approximately 20%.
According to the chart analysis, it indicates that Ether can go all the way down to 700 levels. This will be worrying for many of the traders and investors. Many investors believe that Ether will be able to largely buck the trend when it comes to the bear’s phase. However, it just managed to delay that time.
Cues from the daily charts:
Ether has fallen from the high which it made at the start of this week. The high was around $ 866. After rating a record high of $1420, it has been consistently falling. The 50-day moving averages, as well as the 10-day moving averages, are heading lower. This clearly indicates restrained movement. Moreover, when you look at the relative strength index as well, you will realize that it is in the bearish trend as well.
Most of the technical indicators of Ether are indicating that it will go down further. This is the reason why many traders currently think that Ether might fall further.
When you look at the next to support, the 1st one is around $ 700. On the other hand, when you look at the next support, it is around $ 676. This was the law which it had created on December 28. These are the levels which are being watched done by the investors currently. If it even breaks that, it can head a lot lower.
It seems like the bullish trend in Ether is over. It is not able to sustain at the higher levels. Moreover, the bullish phase which was expected from Ether has fizzled out pretty shortly as well. This is another reason why traders are now not sure about investing in Ether.
With most of the other cryptocurrencies falling as well, it seems like; Ether is not able to gain the required momentum. This can easily make or break the supports which we discussed above.