Ethereum Does it Again: Heads Down for the 5th Straight Day

The Daily View for Ethereum

  • At the time of this writing, ETH’s price is down $-1.55 (-0.06%) from the day prior.
  • It’s been a feast for bears operating on the daily timeframe, as Ethereum has now gone down 4 of the past 5 days.
  • If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 day timeframes.
  • The moving averages on the daily timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Ethereum’s hourly price chart is shown below.


The Daily View for Ethereum

  • Currently, ETH’s price is down $-1.42 (-0.06%) from the day prior.
  • Ethereum has seen its price go down 5 out of the past 5 days, thus creating some compelling opportunities for bears.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Ethereum. Given that we see downtrend on the 20 and 5 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Below is a daily price chart of Ethereum.


The Latest From ETH’s Blockchain

  • Over the past 29 weeks, ETH’s daily transaction count has been in a clear downtrend, falling by about 1003.07 per day.
  • ETH’s daily transaction count now stands at 1027653.
  • ETH has a daily large transaction count of 4779, down 29.44% from its value day prior.

Featured Ethereum Idea From TradingView

Below is a trading comment entitled ❗ BITCOIN FAILS TO RETEST TUMBLES REVERSAL POSSIBLE ❗ you may find interesting:

Thanks for joining in today it’s a hell of a day and definitely not what anyone wants to see unless your trying to buy or a whale that is. Anyway Bitcoin was showing promising strength and a possible reversal with a good retest forming, however we can see that Makers and Whales decided instead to take on the selling Bid this time and hit the market with another surprise beat down with no doubt liquidations helping them totaling at $364 Million in the last 24 hours alone. Bitcoin failed to retest at $36,000 as a result of selling pressure so that stopped our mini parade for sure. Technical Things we’re looking positive in our last idea and we even started to trend in strength for the duration of yesterday managing to sustain strength even looking at a positive and close breakout like we did in January however instead it’s now looking like we’re gonna be seeing January numbers soon if Whale’s decide they wanna keep selling. We we’re looking at a potential pullback up to 37k however failed to hold above 36,000 when the time came thanks to MM pressure no doubt and we then left the mountain once again which seems to be a common thing forming nowadays. And not only that but from the long term pattern which is the ‘Important’ pattern I pointed out, we actually broke below that and well of course with TA that was like our hope out the window right now moment . Short term at least. Even if we had held within the pattern things wouldn’t be short as we would’ve still had a chance for that reversal. In fact you can even see where we we’re looking at a breakout but instead we got hit with that heavy dump coordination and I have to admit they are pretty good at it. We sustained and even we’re looking at a shift. But instead MM’s decided to make the choice which we just can’t help sometimes. Although we are down while it sucks dealing with a staged drop, there will also likely be the opposite soon anyway. Makers will always love to do the opposite of what the market thinks, it would be perfect for MM’s to coordinate a large buy/breakout to wipe out shorts much like they’ve done to longs this week. So I wouldn’t be surprised to see a strong pullback follow next week. Otherwise we’re in for a bit of turmoil. Staged Drop This drop ha…