Manoj B Rawal
Independent Analyst
- ETH the only major crypto trading in green.
- Faces resistance at the price, lacks catalyst.
Ethereum the second largest cryptocurrency by market capitlisation is the only major crypto to trade in green on a day when all ther majors such as Bitcoin, Ripple, Bitcoin Cash, are struggling to find their feet on the ground.
ETH/USD is up 0.4 percent at $586.69 and trading in a narrow band of $578 and $589, a sign of low volume and even lower volatility, thanks to what weekend offers. On the 15-minute chart, the price is trading in a downward sloping parallel channel and the price is exactly at the upper end of the trendline which would be slightly difficult for the bulls to cross past given that the volumes are low on weekend.
On slightly longer term 360-minute chart, the price has broken down of a key support this week and has been trading below that line through the week. As long as prices remain below this key support, bulls will find it tough to gain their confidence back to bring back the new trend in their favour.
ETH/USD 15-minute chart:
ETH/USD 360-minute chart:
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