Cryptocurrencies continue to fall, but technical analysis alert of a potential end to decline.
KEY POINTS OF CRYPTOCURRENCIES
- ETH/USD: The Ethereum could continue its withdrawal up to $ 500
- Ripple: the XRP is changing underneath $ 1
- Litecoin: continued $ 100 BCH/USD decline: pursuit of the retracement up to $ 592
The sell-off of cryptocurrencies continues. All of the major cryptocurrencies are declining since week last due to the rise of the threats of global regulators. In addition, no major catalyst justifies until today a new impetus. Nevertheless, technical analysis shows a State of momentum of the Ripple and the Cash Bitcoin oversold. The Ethereum and the Litecoin should be soon, which suggests to limit the remaining downside potential.
ETH/USD: THE ETHEREUM COULD CONTINUE ITS WITHDRAWAL UP TO $ 500
The Ethereum has traced this morning the entire performance of the beginning of the year (+ 85%), on background of profit taking and aversion to cryptocurrencies generated by the rise of the threats of regulators. Asia regulates more this market emerging, the United States agreed derivatives and Europe expects the G20 to implement a global regulation.
Technically, this downturn since the $ 1420 is not hazardous. The momentum shown by the RSI was overbought not only the Ethereum but also the Bitcoin and other crypto-major currencies. The euphoria was so likely to calm. However, the momentum, which in theory above the price action, returns to the major cryptos to attractive levels.
Currently at 37 on a daily time unit, the RSI of the Ethereum is at a low since September 2017. Its low was 30 and had allowed the day following a rebound in the price.
As the short-term trend is clearly declining (-46% since its peak), the Ethereum could therefore continue to decline in view of the still downward direction of the RSI momentum indicator. The psychological support at $500 is the next level of price to watch. An RSI in the oversold area under 30 would be a level alerting a potential rebound.
GRAPH THE REALIZED ON THE PROREALTIME PLATFORM ETH/USD DAILY
THE PROREALTIME PLATFORM