Detailed analysis of #ETH on 08.08.2018

BINANCE:ETHUSDT   Ethereum / TetherUS
News Analysis
Yesterday users saw that Ethereum network is overloaded and transactions are slow. That's when a large series of transactions connected to one address was found out. During the next fifteen minutes, 600 transactions were made to that same address. Currently, there are more than 48,000 transactions. The total transaction fees are 160 ETH. Some users believe the transactions were a coordinated spam attack. Some even think that this is a preparation for a stronger attack.

Volume Analysis
Trading volume became bigger. Everyone who opened long positions is out of the market, being afraid of further decrease.

Support/Resistance Level Analysis
Timeframe: 1H
The resistance is at $376 (red line). Current support is near $366, the rate is near it now as well. If the support is not strong enough, the rate can decrease to $300 but there hasn't been a rate lower than the current one since December.

Timeframe: 1D
The rate reached the support at $366 (green line). This level was tested before in April. A strong resistance is formed near $400-405 (red line).

Indicator Analysis
Timeframe: 1H
RSI is in the oversold zone for a long time. There is an average convergence.
The rate is under the red Ichimoku cloud .
The Bollinger channel is narrowed and directed downwards, the price is moving near its bottom band.
There are many sell orders in the order book and much fewer buyers.
Indicators prove strong bearish trend but we should wait for a correction up to $375 after such a strong fall.

Timeframe: 1D
RSI is in the oversold zone.
The rate is below the red Ichimoku cloud .
The price is near the bottom Bollinger band .
Indicators prove that the possibility of correction

Action Plan
The bears are stronger and the support at $405 couldn't take the pressure. Indicators show the necessity of correction but we think it will be small and we shouldn't wait for a trend reversal in the near future.
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