Ethereum: Darkest before the dawn

  • ETH nearing long term support line, could bottom out soon.
  • But before the dawn, some more darkness left.

Ethereum’s long term bulls have some reasons to be hopeful as the third largest crypto is nearing a key long term support line which would help the coin bottom out. But before it does that, there’s some more pain left on the downside.

ETH/USD is up 0.8 percent on day at $83.66, trading in less than 3 percent range in a low volume weekend trading. On the daily chart, as highlighted numerous times by this author, the third largest crypto is nearing lower end of the long term triangle.

Bottom of this leg is plaed around $65-$67, which is about 25 percent deeper from current prices. Bulls have to sweat out a lot before they can claim their turf back. Till then, its bears’ battleground.

ETH/USD daily chart:

 


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