Ether To Test Lowest Low in 10 Months

Ether

 

The last time ether traded below $1,900 was in June 2021. This was 11 months ago and judging from the current trends, the cryptocurrency may be on its way to values last seen around 10 months ago.

Data available at Tradingview shows that ETH is trading at $1,877 at 6.09 pm, Paris time. The last time ETH traded at this price was in July 2021. Market sentiments show that more investors are still exiting their positions. This means that we may see lower values for the cryptocurrency in the coming days.

Some analysts have predicted that ether could fall as low as $1,800. This will give investors an opportunity to enter new positions on the asset.
With the breakdown of the $1909 support, analysts such as TradingSat are expecting ether to fall all the way down to the next support at $1710.

Waiting for this moment and now the price action. On the lower timeframes has given me what I was expecting to see, making me bearish on ETH/USD mid-term!  – EliteTradingSignal

Etherusdt chart

The 10-Days and 20-days moving averages show that ether is still on a downtrend. On May 26, ether 24-hour trading volume actually went up by 66.56% to $22 billion. With the value in the price of the cryptocurrency still going down, it is apparent that the market may be panicked. It is also instructive to know that the market capitalization of Ethereum is down by 5.39% in the past 24 hours.

The Relative Strength Index of the ETH/USD chart is currently 44. So it is obvious that the coin is not yet oversold. Lower prices are expected in the next few days.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.

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