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Ethereum price analysis: One more deep crash before it bottoms out

  • ETH falls hard this week, but bottom still not near.
  • Long way to go before it bottoms out.
Ethereum price analysis: One more deep crash before it bottoms out
Manoj B RawalManoj B RawalIndependent Analyst

Ethereum, the second largest cryptocurrency by market capitalisation, fell off the cliff this week in a sign that this crypto still has a long way to go before it can reach a meaningful bottom and tries gathering pace to reclaim its lost glory.

ETH/USD is up more than a percent on day at $198.27, just a tad below day's high. ETH fell hard this week, more than 10 percent in its try to cross past a descending trendline on the daily chart which has been its toughest barrier this year.

Now that the bulls have not been able to crossover, they face a tough road downhill, all the way to lower end of this falling wedge, which would potentially take it towards $120-30 range - about 40 percent fall from current price.

ETH/USD daily chart:

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Author

Manoj B Rawal

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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