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ETHUSD: huge selloff | Wait before buying the dip

Short
BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
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Quick glance: In our previous analysis on ETHUSD , we discussed about the narrowing channel pattern. Right now, the 4H candle looks to be under immense selling pressure.

Market in the last 24hrs
The last 24 hours were quite a selloff. Trading volumes spiked up tremendously, confirming the selloff in the price.

Today’s Trend analysis
ETHUSD seems to be under huge selling pressure. The price broke the lower band of BB and the next strong support appears to be at $2136.

Price volatility remained extremely high at approximately 6.9%, with the day's range between $2223.35 — $2377.13.

Price at the time of publishing: $2237.35
ETH's market cap: $260.44 Billion


  • Out of 11 Oscillator indicators, 9 are neutral, and 2 are bearish .

  • Out of 15 Moving average indicators, 14 are bearish , and 1 is neutral .

  • Indicator summary is strongly bearish for ETHUSD in the shorter timeframe.

Volumes have spiked up tremendously in the past 24 hours.
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The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4Hr candles.

Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .

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Any feedback and suggestions would help in further improving the analysis! If you find the analysis useful, please like and share our ideas with the community. Keep supporting :)
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