Ethereum: USD/ETH (ETH=) down close to 40% in the last six months
The past five days have seen the price of Ethereum, the second most popular cryptocurrency by market cap, experience back-to-back losses. During that time, it has fallen from well over $180, down to its current price of $147.46, losing 16% of its value.
Ethereum has seen its price fluctuate considerably during this time—with its value briefly touching as low as $135.79 earlier today, before recovering somewhat. At its current value, Ethereum has lost close to 2% since yesterday.
Looking at longer timeframes, we find that Ethereum has lost just over 16% in the last month, whereas the cryptocurrency is down close to 40% in the last six months. For comparison, Bitcoin (BTC) has lost just 6% in the last six months, whereas the price of XRP is down approximately 40% during that time.
The recent bearish momentum seen by practically all cryptocurrency markets is likely a direct result of Bitcoin falling below $8,000 for the first time since late October. This appears to have sent cryptocurrency investors into a selling frenzy. Summing it up, alternative.me’s Crypto Fear & Greed Index is now at its lowest point since August—claiming the market is now in a period of extreme uncertainty and worry.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 175.68.
The projected upper bound is: 166.13.
The projected lower bound is: 130.06.
The projected closing price is: 148.10.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.
A spinning top occurred (a spinning top is a candle with a…