The ETH-USD 1-day chart is displayed below and from the onset, we see a lot of consolidation over the last few days.
Looks like it’s right against that downward trendline from when it hit up around $1300.
Pink box is the distance between the price and the downtrend line. So, as you can see there’s definitely some distance here (logarithmic chart, not regular).
Here’s the ETH-USD 1-day chart for the Ichimoku – the conversion (blue) line is below the price. Price is still below the cloud.
For the ETH-USD 1-day chart, we can see the EMA for the EMA-50 and EMA-200. As you can see, the price busted back down below the EMA-50 chart, so that will serve as resistance for now.
For those that are big fans of “what’s the price going to be?” – This is the author’s estimate. It looks like the price is moving upward for the time being, but not with enough velocity to anticipate an imminent break above the downtrend line.
According to the indicators, this event should occur within approximately three days or so. This sort of lines up with the depression in volume as well as the overall shaky trend.
For those whom are unaware, there’s been a pretty heavy ideological split in Ethereum (pretty much typical in crypto these days) between whether there should be some sort of protocol that’s used in the instance of a massive hack. Some say there should be – others believe that this compromises the fundamental concept of an immutable chain. The community is fairly divided on it, and this is an issue that has sparked a lot of tempers within the community.
ETC (Ethereum Classic) was established on the backbone of this issue. So, this is definitely something that is dampening long-term optimism for the blockchain because crypto has taught us that inner-conflict usually is bad for any project/dev team (i.e., Bitcoin/Bitcoin Cash split).