The technical indicators point out towards a steep bearish divergence that may pullback the price below $550 or probably below $500 also
Bitcoin is also expected to plunge below to consolidate to $17,500 to $17,800 levels and HODL.
Confirmed ‘Bearish’ signal for ETH
The Exponential Moving Average(EMA) which is the average of the closing prices for a specific number of days divided by the number of days considered, is falling with the Ethereum(ETH) price. According to analysts, the EMA is below 10 which signifies a confirmed bearish trend for the ETH price.
The above chart posted by the analyst Alanmasters indicates a clear bearish divergence for the crypto as the EMA below 10 just before the day closed. The analyst also said that RSI is also trending down, also MACD is manifesting a bearish divergence.
The analyst also pointed the more of the red or bear candles than the green bars, which help to predict what will happen next. And hence based on these signals, he predicts ETHUSD drop to at least $486 or more.
He also said that if the EMA moves above 10 the conditions may change. But for now, ETHUSD is more likely to move lower than now.
Bitcoin Also Expected to Plunge
Bitcoin price has just slipped below $19,000 and attempting to regain the lost momentum. The price had plunged to as low as $18,500 but renounced to $18,900 levels within a short time frame.
One of the analysts has predicted a decline in the prices of the first and the second crypto, Bitcoin and Ethereum. As per the analysts, Tapas Sahoo, the Bitcoin price may plunge to $17,500 to $17,800 levels and the Ethereum price may drop to $540 to $550 levels and HODL.
Collectively, with the bearish divergence of the top two cryptos, the beginning of Altcoin Market can be sensed as predicted by many analysts. Moreover, the other analyst still hopes Bitcoin and Ethereum to surpass $20K and $700 respectively in the coming days.