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Ethereum's deadly breakdown - double digits coming?

ETH breaks down alongwith others.
A deep crash awaits after losing 2nd biggest crypto tag.

Manoj B Rawal Independent Analyst

Ethereum, the crypto that held second largest cryptocutrrency tag for as long as the cryptocurrency mania took over the world, has lost the coveted crown to Ripple - the only crypto that has been able to hold on to itself in this week's mayhem.

ETH/USD is down 0.55 percent on day at $173.77 and is down about 18 percent for the week already. As regularly reported by this author over the course of last one month, ETH is headed down the hill towards levels which may even lead to prices heading all the way towards double digits. (Read earlier atricles here, here and here)

The trend for the long term now remains extremely bearish before any meaningful stabilisation in the prices. 480-minute chart of the crypto depicts the breakdown has already occured and the price target of this breakdown is around $70 - more than 50 perecent decline even from current levels.

Even on the daily chart the trend remains on the downside as the next critical support in the form of falling wedge's descending trendline support comes close to the target price mentioned above - $77 levels.

ETH/USD 480-minute chart:

ETH/USD daiily chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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