- Consecutive attempts to break above 200 MA on 1HR and rejected every time
- Considerably larger sell volume on the second drop
- Forming a clear bearish pennant
- Downwards break in wedge could result in violent downwards move to .029000 then .028000 area
Fundamentals:
- Serenity "Ethereum 2.0" with scaling solution estimated to not be ready until 2020, which is like a decade in the crypto-world, enough time for people to lose faith/panic sell out
- Lots of downside considering the downtrend in overall market cap, its multi-billion dollar valuation, and XRP stealing its #2 spot
- The more ALTS drop, the more people will exit into bitcoin, causing ETH/BTC to dump
- Considerably larger sell volume on the second drop
- Forming a clear bearish pennant
- Downwards break in wedge could result in violent downwards move to .029000 then .028000 area
Fundamentals:
- Serenity "Ethereum 2.0" with scaling solution estimated to not be ready until 2020, which is like a decade in the crypto-world, enough time for people to lose faith/panic sell out
- Lots of downside considering the downtrend in overall market cap, its multi-billion dollar valuation, and XRP stealing its #2 spot
- The more ALTS drop, the more people will exit into bitcoin, causing ETH/BTC to dump
Comment:
Boom. Broke through wedge support. Closed at 290, looking for reentry.