As bitcoin below the k range, the rest of the market followed and it was a fair few days of the majority of coin/tokens being in the red. One of those coins was Ethereum which has been brutally targeted by the gods of crypto. Not only has price significantly crashed in comparison to bitcoin but it has been just underperforming general…
But some data suggests that the cryptocurrency could soon be ready to go on a journey of recovery. There are many traders and analysts on twitter who have commented on where they see Ethereum going from here. York780 is one of those traders noted that the one-week stochastic recently became bullish on Ethereum’s one-week chart. This comes after a two-month-long bear trend that started sometime in early-July.
The stochastic is an oscillating technical indicator that tracks trends, indicating that the bulls are back in control of Ethereum.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
$ETH Ethereum 1W Stoch
Send it Vitalik
*wake me up when September ends*? pic.twitter.com/UrNjCEfSAI
— YORK780 (@YORK780) September 3, 2019
But this isn’t everything that suggests Ethereum could soon recover. A popular cryptocurrency analyst called Nik Patel wrote in a recent blog post that the second biggest cryptocurrency could be getting ready to express some light bullish action despite the mixed signals being thrown at investors.
“Now, however, price has printed a swing-failure at 0.0175 BTC, along with a strong bullish divergence. Moreover, yesterday’s Daily candle closed as a bullish engulfing. There is rather a lot here to get short-term bullish about, despite the looming trendline resistance.”
It will be interesting to see how this plays out with Ethereum. For more news on this and other crypto updates, keep it with CryptoDaily!