Consolidation + low volume = Eventual bloodshed for ethereum

20 janv. 2018

I believe ETH is looking at some downside in the immediate future. We are currently consolidating between 1000 and 1100 which is natural after a recent pull back and bounce. The market is currently in a tug of war between the bulls and bears. The 20 and 50 day moving averages also reflect the consolidation we're seeing. The final indicator that leads me to believe that the bulls will win this consolidation battle is the very low volume we're seeing. This equates to a loss of interest in the market and the end of the bounce we just saw. I think a break of the support at $1000 will bring the price closer to the $950 support. Past that we could see a sell off to $865 or further to $800 where our last sell off bounced. If there is a bounce I don't think it will be as high as what we just saw up to $1100.