Ethereum continued to drift lower as expected, reaching the year lows at 0.017.
Sellers remain in full control, especially after this aggressive bull trap that was formed on the failed downtrend breakthrough.
We are now sitting at the year lows and buyers remain absent which doesn't support the bull case despite a bullish crossover appearing on the stochastic oscillator that could let us think that a rebound is in the chords.
As long as the downtrend remains unbroken, the upside is capped and any bounce or rebound shall be short-lived.
Until proven otherwise, we expect new lows to come.
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/....................... .
Sellers remain in full control, especially after this aggressive bull trap that was formed on the failed downtrend breakthrough.
We are now sitting at the year lows and buyers remain absent which doesn't support the bull case despite a bullish crossover appearing on the stochastic oscillator that could let us think that a rebound is in the chords.
As long as the downtrend remains unbroken, the upside is capped and any bounce or rebound shall be short-lived.
Until proven otherwise, we expect new lows to come.
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/....................... .