Ethereum fails to breach $209, more liquidations and downtrends?
At the time of writing, 1 ETH was worth $203.26 with a market cap of $22 billion, second only to Bitcoin. The coin boasted a 24-hour trading volume of $25 billion. Even with such a brutal dive, the price hasn't turned bullish. There is a bearish pressure hanging over ETH's head and the coin might drown under pressure.
Four Hour Ethereum Chart
Source: Trading View.
Since the price has failed to conquer $209, there could be bearish implications further down the road for ETH. Due to this failure, the price is heading down to $197, the level which put an end to Ethereum's downfall.
The wave trend indicator, which indicates the momentum of the market has just recovered from the oversold zone. Since the price looks to be moving between a tight zone of $197 and $209, there might be a sideways journey for both the price and the indicator.
Negative or selling pressure can send the indicator back into the oversold zone for Ethereum. This could further complicate things since this would probably take the $197 support out of the equation. In addition, this would create an opportunity for the price to trend even further down ($183).
There doesn't seem to be an optimistic or bullish scenario for Ethereum here. Unless there is a pump causing the coin to breach $209. Until this happens, the coin will suffer sideways and downtrend of 3 to 9% from its current price.
With liquidations already over $40 million, a further downtrend could cause more liquidations. The last 24 hours is turning out to be a horrific day for the cryptocurrency ecosystem, especially since most of the altcoins are losing value, just like Ethereum.
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