Friday, December 2, 2022
 

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.

Ethereum / TetherUS 1D (Source: TradingView)
Ethereum / TetherUS 1D (Source: TradingView)

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.

Ethereum / TetherUS 1D (Source: CoinMarketCap)
Ethereum / TetherUS 1D (Source: CoinMarketCap)

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.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

  • 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.

Ethereum / TetherUS 1D (Source: TradingView)
Ethereum / TetherUS 1D (Source: TradingView)

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.

Ethereum / TetherUS 1D (Source: CoinMarketCap)
Ethereum / TetherUS 1D (Source: CoinMarketCap)

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.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

 

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