Manoj B Rawal
Independent Analyst
- ETH falls hard this week, but bottom still not near.
- Long way to go before it bottoms out.
Ethereum, the second largest cryptocurrency by market capitalisation, fell off the cliff this week in a sign that this crypto still has a long way to go before it can reach a meaningful bottom and tries gathering pace to reclaim its lost glory.
ETH/USD is up more than a percent on day at $198.27, just a tad below day's high. ETH fell hard this week, more than 10 percent in its try to cross past a descending trendline on the daily chart which has been its toughest barrier this year.
Now that the bulls have not been able to crossover, they face a tough road downhill, all the way to lower end of this falling wedge, which would potentially take it towards $120-30 range - about 40 percent fall from current price.
ETH/USD daily chart:
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