Following a shy bounce from the year lows at 0.0177 BTC, Ethereum is back on the red track.
Buyers weren't even able to create enough momentum to test its downtrend resistance.
Sellers are in full control and do not seem ready to step out.
Volume is decreasing as well as volatility, hurting the bulls case.
There is still no sign of a reversal coming soon. As long as Ethereum's downtrend remains in place, capping the upside, any rebound should give opportunities for sellers to step in.
We expect Ethereum to keep drifting lower for the days to come as long as volume keeps decreasing and current downtrend remain unbroken.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .
Buyers weren't even able to create enough momentum to test its downtrend resistance.
Sellers are in full control and do not seem ready to step out.
Volume is decreasing as well as volatility, hurting the bulls case.
There is still no sign of a reversal coming soon. As long as Ethereum's downtrend remains in place, capping the upside, any rebound should give opportunities for sellers to step in.
We expect Ethereum to keep drifting lower for the days to come as long as volume keeps decreasing and current downtrend remain unbroken.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .