ETH Chart Indicates That the Bearish Momentum Would Continue

• Michael van de Poppe took to Twitter on September 7 to share his opinion on the Ethereum price.
• Ethereum is having a bit of a ‘buy the rumour, sel the news’ event.
• ETH’s chart indicates that the bearish momentum for ETH will continue.

Michael van de Poppe, the full time crypto trader based in the Amsterdam Stock Exchange took to Twitter on September 7 to share his opinion on the Ethereum (ETH) price in the current state of the crypto market.

According to Van de Poppe, Ethereum is having a bit of a “buy the rumour, sell the news” event, as there is a heavier correction on this one during the recent correction of Bitcoin.

Van de Poppe added the above chart to his post to explain how ETH got rejected at a “crucial block” and then “went south”.

He also added that ETH will have to stay above the $1,350 level for something good to happen for the altcoin.

According to the crypto market tracking website, CoinMarketCap, ETH is currently trading at $1,519.92  after a 8.84% drop in price over the last day and after reaching a low of $1,500.01 over the same time period.

In terms of market cap, ETH is still one of the biggest cryptocurrencies with its market cap of $184,767,264,413. At the time of writing, the altcoin’s 24 hour trading volume was up by more than 9% to stand at $20,410,572,586.

Looking at the daily chart for ETH/USDT, the price of ETH has dipped below the 9 and 20 EMA lines. The chart indicates that the bearish momentum for ETH will continue as the daily RSI line is below the RSI SMA line, and the 9 EMA line is positioned underneath the 20 EMA line.

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