RATE Group | Why Ethereum Price is Dropping Despite Technicals Suggesting Upsurge to $170
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Why Ethereum Price is Dropping Despite Technicals Suggesting Upsurge to $170

23 Mar Why Ethereum Price is Dropping Despite Technicals Suggesting Upsurge to $170

Posted at 00:46h in Cryptocurrency News by

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Contents

  • Ethereum had an optimistic short-term outlook
  • The U.S. stock market is still bearish

The Ethereum (ETH) price is on the decline once again after recovering to as high as $137 across major exchanges. The pullback comes after technical indicators pointed towards an upsurge to $170.

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Declining momentum of the bitcoin price in anticipation of a gloomy U.S. stock market opening on Monday is likely to be causing the cryptocurrency market to slump.

Ethereum had an optimistic short-term outlook

According to cryptocurrency trader Josh Olszewicz, a technical structure called E2E and an abstruse inverse head and shoulders (IHS) formation on lower time frames initially pointed towards an optimistic short-term price trend for ETH.

During weekends, however, the volume…

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