Ethereum Cash Price & Technical Analysis: Bears Taking ETH Down

By Thursday, Sep 6, Ether is still under pressure. Today, the crypto is losing 0.1%, trading around $228.18. Yesterday Ether lost around 20% and the price is now trying to find a support.

Photo: Roboforex/TradingView

Photo: Roboforex/TradingView

By Thursday, Sep 6, Ether is still under pressure. Today, the crypto is losing 0.1%, trading around $228.18. Yesterday Ether lost around 20% and the price is now trying to find a support.

While Going down, Ether hit the support levels at $260.00, $250.00, and $240.00, and then got more or less steady at $230.00. Yet, the bearish pressure is still very strong, and the price may continue falling towards $200.00, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Previously, Ether failed to stay above $288.00-$290.00, as the aggressive selloff broke out all support levels, with the price making a new 4-week high at $209. Overall, whenever it’s under $250, Ether will most likely go down to reach $200.

$200.00 is actually the key support now, while the key resistance is at $235, and then at $250. The MACD is moving along the signal line in the negatives, thus continuing to issue a sell signal. The Stochastic is doing the same by going down in the positive area.

Meanwhile, Goldman Sachs Group Inc. announced the delay in launching crypto trading, This temporarily took down Bitcoin by 12%, and Ether, by 20%.

As the media say, Goldman Sachs reconsidered its priorities and opted for focusing on other crypto-related services, such as information and registry storage. Thus, the bank became one of many companies that after approaching the crypto market made ‘one step back’.

Over the last 8 or 9 months, the crypto market lived by the expectations that the US banks would take part in crypto trading. Now that even such tiny steps give no results, the market may get very much frustrated. As for Goldman Sachs, the company was probably wary about the divergence between the supply and demand. Being unregulated and anonymous, the crypto market is of course attractive for the banking establishments, but nobody wants to take risks first, especially if money at risk belong to the clients.

As for other news, Ethereum developers held a large conference last week, where a few important decisions were taken. One of those is reducing the number of coins per block: 2 now instead of 3. In terms of hard forks, one, Constantinople, is scheduled for October or November this year. In 8 months, a new one, although not that large, will appear, and in fall 2019, the EIP 1234 protocol will get updated.

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