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Ethereum (ETH) May See Further Downside Yet

Ethereum (ETH) May See Further Downside Yet
Analytics / Breaking News / Ethereum
Ethereum Chart With Values Ethereum (ETH) is currently trading in a triangle and is yet to break a short term downtrend. The price has hit resistance once again at the top of the triangle and is now preparing to move downwards. It will most likely continue to trade in the triangle for the next few days until the price breaks above or below it. Given the overall outlook of the market, there is a high likelihood of the price breaking above the triangle to continue a bullish reversal. However, the risks facing Ethereum (ETH) cannot be ignored at this point. There is a growing concern among investors that the price of Ethereum (ETH) has gone too far, too fast mainly on speculation. Ethereum (ETH) continues to have scalability issues that threaten its future prospects now that it has competitors like EOS (EOS) and TRON (TRX) who have done a far better job at solving some of the problems Ethereum (ETH) faces today. Apart from technological problems, Ethereum (ETH) faces a more serious problem of dumping of ETH one exchanges by ICO projects. Previously, investors expressed grave anger and discomfort over alleged dumping of Bitcoin (BTC) by Mt. Gox trustees on exchanges but that was never proven and the Mt. Gox trustee denied it too. However, in this case, there is a proper trail of how for instance; EOS (EOS) recently dumped a big load of its Ethereum (ETH) tokens on Bitfinex. This problem is even more serious than Mt. Gox when you take into account the number of ICO projects, the amounts they have raised and the overall market cap of Ethereum (ETH). This means that any of those companies could dump any amount of Ethereum (ETH) tokens on an exchange like Bitfinex and get away with it, without investors knowing. Of course, in markets like these, this sort of panic leads to panic selling which drags the price further down. Ethereum Chart With Values The weekly chart of ETH/USD shows good days for Ethereum (ETH) up ahead and the price could start picking up from here. Ethereum (ETH) is currently trading in a rising bullish channel and is just beginning to climb again after having descended to test the support line of the bullish channel. The RSI is also forming a falling wedge which means the price could make some major moves in the near future. If all goes well, Ethereum (ETH) will most likely form a new high by the end of the year. Ethereum Chart With Values The chart for Ethereum Shorts (ETHUSDSHORTS) shows that Ethereum (ETH) bears are at a critical point now and have to make a decision. If the price for Ethereum Shorts (ETHUSDSHORTS) falls below the triangle that would be a major blow to the bears and the price of Ethereum (ETH) would rise significantly. However, if the price continues to trade in the triangle and completes another ascend to point D, which is also the most likely scenario, the price of Ethereum (ETH) in that case will see limited downside followed by sideways movement for the next few days.

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