RATE Group | Ethereum Dumps Over 40 Percent But Uptrend Remains Intact
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Ethereum Dumps Over 40 Percent But Uptrend Remains Intact

18 Jul Ethereum Dumps Over 40 Percent But Uptrend Remains Intact

Posted at 17:55h in Ethereum News by

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The sentiment around Ethereum has shifted from ultra bullish to bearish in less than a month.

On June 26, investors were extremely bullish as the No. 2 cryptocurrency as its price rose from a 2018-bottom of $83 to the 2019-high of $363.30. That’s a massive gain of over 337 percent in six months. Since then, Ethereum has been plunging and media outlets have been overwhelmingly bearish on this altcoin.

Bearish Sentiment
Close to nine out of ten news articles have been bearish on Ethereum | Source: Coinwatch

Nevertheless, a 40 percent-plus nosedive from the yearly high as the crypto token is trading close to $200 can be healthy for the long-term outlook of the market. We looked at the charts and two things are clear. First, an Ethereum bounce could be on the horizon. Second, the long-term uptrend of the coin remains intact due to robust fundamentals.

Ethereum Bulls Look Ready to Strike Back Hard

Ethereum looks like it may have more downside potential. However, a close examination of the daily chart shows…

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