Ethereum: Whales switch 100K ETH but will it help regain $1,200
at 0.071 BTC. This translated to a little outmatching as opposed to the number one cryptocurrency in market value.Per its Relative Strength Index , the four-hour chart against the U.S. Dollar showed that ETH was enduring an extraordinary choir period. At the time of writing, the RSI displayed its value at 33.46. This indicated a huge momentum drop in the oversold region. And since it was trending lower, it was unlikely to experience a price reversal away from the bears in the near term.
Still on the price outlook, ETH’s 6.76% seven-day loss was not enough to prevent it from exhibiting utmost volatility. As displayed by the Bollinger Bands , ETH’s apparent low volatility between 11 – 13 December was short-lived. Since the bands were separated by an unusually large amount, ETH had a tendency to follow any of the existing trends. But with the price approaching a move out of the BB, the altcoin could continue strongly with its bearish momentum, meaning it could take farther for it to reach $1,200.The price action was not solo in remaining in a quiet condition. Ethereum’s on-chain activity also acted as a companion.
Sitting at 247, it indicated that the optimism about the altcoin outweighed the fears. Nevertheless, it, in no way, guaranteed a recovery towards or above $1,200.Subscribe to get it daily in your inbox.
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