With Ethereum Price Analysis March 19, ETH’s recovery after 100-day low looks like a dead cat bounce.
With market capitalization trading around $740 last week The world’s second largest cryptocurrency fell as low as $460 on Sunday.
Last week, a senior official of the US Securities and Exchange Commission (SEC) said that the SEC is investigating dozens of ICOs.. Considering that the Ethereum Blockchain serves as a platform, the reason for the heavy news on Ethereum is that many ICOs create tokens with the ERC-20 standard.
In addition, ETH fell below $ 500 yesterday, It coincided with reports that the EOS team has released approximately 400,000 ETH tokens.
March 19 Ethereum Price Analysis
According to CoinMarketCap, ETH is currently trading at $529 after reaching $556 during the day. It shows that the rally to $460 is most likely a dead cat bounce (a correction in a downtrend) due to intraday retracement.
Daily Chart
The above chart ( According to Bitfinex) the head-and-shoulders divergence seen last week confirms the shift from bullish to bearish in the long run. Oversold conditions, as highlighted by , indicate that Ethereum will trade sideways for the next few days. It could act as a strong support given the selling conditions.
- Ethereum could consolidate its position in the $630-$550 range in the next 48 hours.
- Only head-and-shoulder pattern with resistance The day ends with 640 dollars sa, then the downtrend will end.
- Bearish scenario: If 640 resistance is not broken, it can drop from $565 (February 6 low) to $385 (November 30 low).
Coindesk