- Ethereum Is Caught In a Technical Formation As It Plunges Towards $170
- Ethereum Price May Plunge to $140 before the Next Rally
Ethereum News Today – Ethereum (ETH) price has been heading south over the past few days. ETH to USD price plunged heavily yesterday with Bitcoin (BTC) dropping below the $8k level. This suggests an underlying bearishness for the aggregated digital currency market. It also implies that further downward trends are in store for Ethereum before it could find support and surge higher.
Ethereum Is Caught In a Technical Formation As It Plunges Towards $170
A crypto analyst just pointed out that Ethereum (ETH) is caught in a technical formation that may push the digital currency to as low as $140 in the short-term. The analyst also noted that this price range might spark the next bull market that would send it surging higher. At the press time, the price of Ethereum is down by about two percent, leaving the digital currency to trade at $174. This is a significant loss considering that the digital currency was trading close to $180 yesterday.
Ethereum (ETH) did find some support close to the $170 mark overnight. However, the absence of follow-through on its subsequent bounce might suggest that bulls do not have any considerable strength at the moment. Nevertheless, the digital currency currently has strong fundamentals despite its present bearishness.
A popular figure in the digital currency space – Spencer Noon – recently pointed out that a significant amount of Ethereum is currently locked in DeFi. This means that the DeFi trend is resulting in a lower circulating supply of Ethereum. According to his tweet, as the price of Ethereum is plunging, its fundamentals are increasing strongly.
— Spencer Noon (@spencernoon) October 17, 2019
If the DeFi trend continues to amass global support and utilization, chances are even more Ethereum (ETH) tokens would be removed from circulation temporarily. This would reduce the circulating supply and create supply-side pressure.
Ethereum Price May Plunge to $140 before the Next Rally
A popular digital currency analyst on Twitter – Crypto Dog – recently explained that Bitcoin seems to be caught in a large falling wedge. He said that the price of Ethereum might plunge to as low as $140 in the short-term before breaking over the upper boundary of the wedge and surge higher.
“That mini-falling wedge played out on $ETH, looks like a larger one may be forming now. Unclear yet if we get another “big drop” across the board, but if we do, I’m eyeing ~$140 to stack up a FAT long. If we break out and start trading above $190 again I’ll long to new highs,” he explained.
That mini-falling wedge played out on $ETH, looks like a larger one may be forming now.
Unclear yet if we get another "big drop" across the board, but if we do, I'm eyeing ~$140 to stack up a FAT long. If we break out and start trading above $190 again I'll long to new highs. pic.twitter.com/dybaIHAbee
— The Crypto Dog📈 (@TheCryptoDog) October 17, 2019