ETH price action has been looking bleak since earlier this summer as prices are now hovering around 180 with little sight of hope. As we see other alt coins getting stale, an oldie, but scary long time indicator has popped up on the ETH daily chart.
Last week we saw a death cross occur at the 172 level. This is the first time this has happened since the last occurrence back on April 10, 2018. That occurrence saw ETH drop from 400 to 82 representing a roughly 80% drop. If we were to see the same pattern happen again, expect ETH to drop to a price level of 35. Although this may sound very unreasonable with a low probability, just remember, this is crypto. So for now I would suggest staying out or initiate a short if you have the proper steel balls.
Last week we saw a death cross occur at the 172 level. This is the first time this has happened since the last occurrence back on April 10, 2018. That occurrence saw ETH drop from 400 to 82 representing a roughly 80% drop. If we were to see the same pattern happen again, expect ETH to drop to a price level of 35. Although this may sound very unreasonable with a low probability, just remember, this is crypto. So for now I would suggest staying out or initiate a short if you have the proper steel balls.