Ethereum Price Analysis: ETH Continues To Struggle As The Market Trends Lower (investinblockchain.com)
Ethereum has seen a 2.29% price decline over the past 24 hours of trading, bringing the current trading price down to $107.60, at the time of writing.
The current market trend is still bearish as price action struggles to make any higher highs within the market.
Price action is currently trapped within a bearish trend, and therefore we can assume ETH/USD will likely head lower and continue to make lower lows for 2019.
Since our last analysis for ETH/BTC, we can see that price action had also rebounded from the medium-term downside 1.618 FIbonacci Extension level priced at 0.02979 SATS. More specifically, the support was located at a short-term downside 1.618 FIbonacci Extension level priced at 0.030143 SATS. Price action went on to rise until it reached resistance at the 0.03172 SATS handle, and then rolled over.
As the market is bearish, we can assume price action will continue to head lower and create lower lows.
Immediate support below the current market price is located at the short-term downside 1.618 Fibonacci Extension level priced at 0.030143.
The Ethereum market, like the current entire cryptocurrency market, is experiencing a troubling time as price action makes lower lows for 2019.
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Related story: CoinList CEO: Quiet Year For Crypto In 2019 Will Lead To Innovation (cointelegraph.com)
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