Ether Is Not Doing Very Good
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
Ether stopped falling down and is trading at $283.40 on Wednesday afternoon, having recovered 0.8%. It received support at $271.50 previously, when the recovery started.
Ether also tested the bearish trendline at $281.00, but the test failed and the crypto closed well above. It even managed to reach $295.00, but then sellers got active at around $300 and did not let it go further up.
Currently, Ether is neutral, with some signs of demand allowing us to assume more upward movement in the short term. For this local uptrend to grow stronger, the bulls have to get active once again to push the price to $295.00 and then to $300.00. The long term trend, however, is still descending.
The key support is at $282.00, and the resistance is at $301.00. The MACD is in negative territory on D1 and moving along the trendline, which is a sell signal. The Stochastic in positive territory gives the same signal.
According to the Chinese government, Ether is one of the strongest cryptocurrencies on the basis of technology and application, followed by Steem, Lisk, Neo, and Komodo. Ethereum was previously ranked first but has been overtaken by EOS.
The assessment factors changed compared to the previous release, with some weight also being attributed to the crypto accessibility, its network features, and the growth rate. Still, Ether is way higher than Bitcoin.
Among the fundamentals, one should note the Bank of Thailand news. The regulator’s opinion is that cryptocurrencies are not to be associated with fraud and crimes, as its nature is absolutely different.
Any forecasts contained herein are based on the authors’ particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.