DayOfCrypto
  • Home
No Result
View All Result
DayOfCrypto
No Result
View All Result
DayOfCrypto
Home Other
ethereum-may-target-$170-in-near-term-as-on-chain-volume-drops-20%

Ethereum May Target $170 in Near-Term as On-Chain Volume Drops 20%

by Admin
November 3, 2019
in Other
289 3
0
Share on FacebookShare on Twitter

Ethereum (ETH) has been caught in a bout of consolidation within the mid-$180 region, which has been largely guided by Bitcoin’s inability to garner any momentum that pushes it away from the lower-$9,000 region, which is where it has been trading for the past several days.

Now, analysts are noting that ETH may be positioned for a retrace towards $170 in the near-term as it also faces an ongoing decline in on-chain volume.

Ethereum Consolidates as Analysts Target a Downside Movement 

At the time of writing, Ethereum is trading up 2% at its current price of $185, which marks a slight climb from its recent lows of $177 that were set last week.

It is important to note that Ethereum has been caught in a trading range between roughly $180 and $190 over the past several weeks, which is largely the result of Bitcoin’s bout of consolidation between $9,000 and $9,500.

Regardless of how Bitcoin trades in the near-term, Ethereum may soon incur a downside movement that takes it as low as $170, which is where its “golden fib ratio” currently exists.

The Cryptomist, a popular cryptocurrency analyst on Twitter, explained this possibility in a recent tweet, noting that ETH’s near-term target exists at $176, while its mid-term target exists at $170.

“$ETH Broken down from rising wedge from last month. Fall is not over in my opinion. Next target is 176 at .5 fib level. I do think we will go to golden ratio at .618 fib at $170,” she explained while pointing to the chart seen below.

$Eth

Broken down from rising wedge from last month
Fall is not over in my opinion

Next target is 176 at .5 fib level
I do think we will go to golden ratio at .618 fib at $170 pic.twitter.com/lF1U2vN9ng

— The Cryptomist (@TheCryptomist) November 1, 2019

ETH On-Chain Volume Declines  

One factor that could potential perpetuate any downside movement experienced by ETH in the near-term is the fact that its on-chain volume has been declining as of late, which can make all crypto assets more prone to downside movements.

TokenAnalyst, a popular cryptocurrency analytics group on Twitter, spoke about this in a recent tweet, noting that the cryptocurrency’s on-chain volume has declined nearly 20% over the past 24-hours.

“24H #ETH Network Stats: Price: $181.82 (-0.5%). $ETH On-Chain Volume: $290M (-18.3%). Active Senders: 238K ( 0.5%). Active Recipients: 93K (-4.4%),” they explained.

24H #ETH Network Stats:

Price: $181.82 (-0.5%)
$ETH On-Chain Volume: $290M (-18.3%)
Active Senders: 238K ( 0.5%)
Active Recipients: 93K (-4.4%)

Visit https://t.co/u90eafzR5J for more info

— TokenAnalyst (@thetokenanalyst) November 2, 2019

As Ethereum’s on-chain volume declines and bulls fail to build any noteworthy strength, it does appear to be a strong possibility that the crypto could decline further before it finds enough buying pressure to propel its price higher.

Featured image from Shutterstock.

The post Ethereum May Target $170 in Near-Term as On-Chain Volume Drops 20% appeared first on NewsBTC.

Admin

About Us

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow Us

Popular Tag

Adoption Banks Binance Binance Coin Bitcoin Bitcoin Cash Bitcoin Price Bitcoin Regulation Bitcoin SV Blockchain Central Bank China Coinbase Crimes Cryptocurrencies Cryptocurrency Exchange EOS Ethereum Ethereum Price Facebook Germany Government Investments Japan Law Libra Litecoin Markets Market Update Mining Payments Regulation Ripple SEC Security South Korea Stablecoin Stellar Switzerland Tokens Tradings Transactions USA Wallet XRP

Recent News

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

November 8, 2020
Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

November 8, 2020
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
Skip to toolbar
  • About WordPress
    • WordPress.org
    • Documentation
    • Support
    • Feedback
  • Log In
  • AMP
    • View AMP version