Is Ethereum Fall Coming To An End?
Guillaume Touzet | Mar 30, 2018 06:53AM ET
After weeks of decline, many ETH traders are left wondering if this free fall (less than a month ago ETH was around $900) is about to be over or more bearish moves will continue to dominate the market?
Last year ETH seemed to be immuned to any trend reversal. Even when his long term rival Bitcoin was dropping in value Ethereum was only slowing down in his way to over $1400...
So what could happen to ETH in the days or week to come???
Let's have a look at the weekly chart to see what our proprietary egoldfx algorithm is telling us so far:
1. The egoldfx strength line (grey line) is bouncing around the 30 level and seems to be on the way to break below it. A break below the 30 level, followed by upwards moves above this level will indicate that ETH has found its bottom and a new uptrend could be at play.
2. The last time this configuration happened when ETH strength line bounced on the 30 level was in July 2017. If you look at what came next (uptrend with an all time high) you can have a good indication of what might be coming in the weeks to come...
We just need to be patient and wait for the egoldfx algorithm to close below 30 and then move North above 30 for 2 weeks to confirm the end of the current medium term downtrend.
Good trading
egoldfx team
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