Ethereum (ETHUSD) analysis and forecast (Tue, Sept 11th, 2018): No signals for a bounce back

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Market remains fragile, Ethereum continues sliding down.

Since piercing through the support of $210 on September 8th, Ethereum has kept stalling around $195 with daily changes being less than 1.1%.  As stated in our previous analysis, this cryptocurrency may record a new low around $160 area.

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Ethereum (ETHUSD) D1 chart on September 11th, 2018

In a smaller time frame, Ethereum has been in a period of indecision. Recent H4 candlesticks keep showing little movement from opening to closing price with small candle bodies, while long upper and lower shadows indicate that no-one has emerged as a winner from the battle between the buyers and the sellers.

 

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Ethereum (ETHUSD) H4 chart on September 11th, 2018

Several market news may have impact on Ethereum price:

According to Forbes, a new stablecoin named Gemini Dollar was issued on Ethereum blockchain yesterday by Gemini Trust Company - a digital asset exchange founded by Winklevoss Brothers. Gemini Dollar is backed one-by-one against the U.S. dollar and is designed to serve as a medium of exchange - one of three fundamental functions of money. This issuance was reportedly approved by the New York Department of Financial Services (NYDFS) and will be audited on a monthly basis.

Also on the day before today, Nouriel Roubini, a well-known economist and professor at New York University’s Stern School of Business, gave a comment that up to 75% of Ethereum’s DApps are Ponzi pyramid schemes and non-value adding games like crypto-kitties. Meanwhile, the remained 25% DApps record a low-rate interaction; people are interested in how to make money by trading and exchanging cryptocurrencies and not in how the blockchain technology operates and changes the work. The cryptocurrency market grew unsustainably and now it’s time for a collapse.

Written by nami.today

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