RATE Group | Down by 14% Today More Expected
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Down by 14% Today More Expected

12 Sep Down by 14% Today More Expected

Posted at 13:42h in Ethereum News by

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From yesterday’s open at $199.56 the price of Ethereum has declined by 14% as its currently trading at $171.85 as the total crypto market falls to $187B.

Ethereum Price

As you can see from the hourly chart the RSI is showing oversold conditions which is why In today’s analysis, we are going to see how further will the price potentially drop before this last down move is done.

Analysis

Looking at the ETH/USD daily chart we can see that the price has fallen below the inside pitchfork support line 2 and the 0 Fibonacci retracement level which served as support but as you can see a consolidative cluster inside off of the triangle formed which is known as a bearish pennant and is a considered as a trend continuation pattern.

Relative Strenght Index indicator is near its lowest levels around 18.5% trending downwards. As you can see I have labeled this as a WXY correction and I believe that the wave Y would end on the next horizontal support level at $153.43 but if it doesn’t hold the next…

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