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Ethereum appears nothing like before, seems to have begun a true bear market by returning to the lowest levels since the fall of 2017, after rising to above $1,300 and tumbling to almost $400. ETH has lost considerably since its highs of last summer, down more than 65%.
While Vitalik Buterin, blockchain savvy and the co-founder of Ethereum shared his standpoint on the Bitcoin, Ethereum and other cryptocurrencies’ trading infrastructure with an objective to establish superior platforms for the common public to invest in major crypto-assets.
From his recent tweet, one can easily make out that, he seemed to stress more on the retailer clients than the institutional players when it comes to crypto-based exchange-traded funds (ETFs) (please refer to his tweet). He clarified that the crypto-industry needs to emphasize more on the pragmatic applications for common people also so as to build crypto mechanism as extensively available as possible, and so than crypto comes handy not only for even buying but also for the purpose of gifting, donating etc.
Technically, ETHUSD price behaviour has been drifting in range (refer daily chart). But, after the back-to-back bearish candle formations (such as shooting star and dojis) at the range resistance), the bearish sentiments are lingering around this pair. While the price attempts to constantly nudge below 21EMA levels (refer weekly plotting), while both leading oscillators (RSI & stochastic curves) signal weakness.
After hanging man formation, price remains below 7EMAs, both leading indicators signal strength in bearish swings, more slumps likely on bearish EMA & MACD crossovers. For now, we could foresee some more slumps on bearish EMA and MACD crossovers.
Currency Strength Index: FxWirePro's hourly BTC spot index has shown 97 (which is bullish), while the hourly USD spot index was at -32 (bearish) while articulating at 10:23 GMT. For more details on the index, please refer below weblink:
