Ethereum Price Falls to $188 Overnight Then Spikes 8.5%: When Bottom?

The major cryptocurrencies have been trading in narrow ranges so far this weekend, especially compared to the volatile plunge of the recent days. While the lows set on Thursday are still holding up the market, and Bitcoin is showing encouraging stability again, the bearish long-term forces are still clearly dominant.

The major altcoins are all under heavy selling pressure, and especially Ethereum is looking weak on all time-frames, weighing heavily on the segment. While volatility declined considerably today, correlations remain very high, and despite the fact that most of the majors are trading above their August lows, odds still favor another leg lower in the broad downtrend.

With that in mind, traders shouldn’t enter new positions even in the relatively stronger coins until at least a short-term trend change, with our trend model also being on a short-term sell signal across the board. We will take a closer look at the long-term patterns once again, in our…