ETHXBT Price Technical Analysis – Descending Trend Line Test ETHXBT continues to trend lower, moving below a descending trend line on its 4-hour chart. Price looks ready for a correction at this point and applying the Fib tool on the latest swing high and low reveals that the 50% level is in line with the falling resistance. The 100 SMA is below the longer-term 200 SMA on this time frame, which means that the path of least resistance is to the downside. In addition, the 100 SMA is close to the descending trend line, adding to its strength as a ceiling. The 50% Fib also lines up with a near-term area of interest at 0.01850. The gap between the moving averages is widening to reflect stronger bearish pressure on ETHXBT. However, RSI is on the move up to show that sellers are taking a break and letting buyers take over while stochastic is also exiting the oversold area as well. If the nearby Fibs hold as resistance, ethereum could make its way back down to the lows at 0.01680. Bitcoin has enjoyed stronger support on increased interest from Chinese investors after a conference in Chengdu. Bitcoin holdings have also increased against the yuan, which has been at risk of devaluation. However, ethereum has failed to draw the same level of interest as hard forks are still being implemented to address the recent attacks. Even so, it seems that these adjustments weren’t able to stop more attacks on the ETH blockchain from happening, making the transition less stable than expected. Many developers have noted that the nature of ethereum does make it vulnerable to more attacks. Further weaknesses in this network could keep a lid on ETHXBT gains for the time being, even as cryptocurrencies appear to be taking advantage […]
