Ethereum coin continues its downtrend although at a decreased rigor. At the time of writing, Ethereum coin stands at a price level of $1,818. The price has fallen by 5% in the past twenty-four hours while the trading volume has decreased by 10%. ETH coin continues to vie for bullish momentum but with strong bear dominance, a bullish divergence cannot be sustained by the cryptocurrency.
Ethereum coin technical analysis
The market sentiment for cryptocurrency continues to be bearish. Out of the total twenty-six technical indicators, sixteen are giving out an indication of sell with the remaining ten indicators standing at a neutral position and zero signals at bullish indication.
Although the market outlook for Ethereum coin is bearish in the shorter timeframes, would the bearish divergence continue or can the bulls be expected to dominate the market? Per a trader’s analysis, ETH has been identified to be operating in a falling wedge formation. The falling wedge is a bullish pattern. Per the analysis, Ethereum coin has also formed a coherent wave count inside the falling wedge. A pullback from the lower boundary of the formation can be expected in the upcoming days. If the pullback is successful and the onset of bullish momentum begins, a break out from the formation will become likely. In that case, the potential price target set at $2,250 will be activated.
What is going on in Ethereum coin’s space?
Ethereum – the second-largest cryptocurrency – is an integral part of the crypto space because of its offering of decentralized finance through smart contracts. The aim of the network is to become the global platform for decentralized apps. The decentralized finance lending network Aave has announced to “build Twitter on Ethereum”. The co-founder of Aave, StaniKulechov, has tweeted the platform will give greater control to the audience. The news is one example of what Ethereum is capable of while the crypto space and its uses are still being explored.