All coins in the top 10 list are now showing bearish signs. Bitcoin has come down from the $8000 level and at 12:03 PM UTC was seen to be trading at $7966.57 with a 1.67% drop in the price against the US dollars. Right up to this point, coins like Bitcoin [BTC] and Ethereum [ETH] were above the price levels needed for them to remain bullish.
The weekly gains of the coins look green because of the bullish breakout that happened two days ago on April 12. The market capital has come down to $316.566 at 12:12 PM UTC. Despite this fall, the last one hour’s statistics of Bitcoin and other coins except for Ethereum [ETH] and Ripple [XRP] look green. [Updated] Ripple, at press time, has dipped a little from the $0.66 level to $0.62 level and is now trading at $0.629.
Our sentiment analysis segment is carefully constructed after interviewing a group of investors, miners, skeptics, analysts, influencers and includes their sentiments and expert opinions on the cryptocurrencies and their various market trends. Sentiments of experts from around the world are gathered and are presented as it is which give our readers an opportunity to understand and evaluate the cryptocurrencies based on their respective market trends. This analysis will be on the second most popular coin in the world, Ethereum [ETH].
At 12:36 PM UTC, Ethereum was seen to be trading at $491.44 and with a market capitalization of $48.560 billion. The coin has come down the $500 level and the chances are that it may remain under the mark of $500 for some time and have a sideways movement.
Ethereum prices had broken out of a descending triangle yesterday which signaled that the bulls are in favor. The coin peaked at an intraday high of $525.76 yesterday at 1:04 PM UTC. The MACD indicator for the coin is still in the positive zone and heading towards the negative zone on the hourly chart of Ethereum. The RSI is heading towards an oversold position.
Stuart Adams, an Ethereum investor from Venlo says:
“Ethereum was trading in the bullish zone but right now it has come back to the dreaded kill area. Now more number of buyers have to kick in to bring the coin back to the bullish zone. The coin has to stay above the $500 mark to get it into the very bullish zone. Ethereum has a major resistance at $575 which has to be broken to secure a major bullish trend.”
Hillary Peterson, an altcoin expert from Albury says:
“The four hour chart shows that Ethereum has rallied above the downtrend channel, but it is now beginning to roll back over to the downside. At this point ETH should return to the top of the downtrend channel. Since the various levels are converging in the same area, it would be a crucial zone to watch.”
Michelle Collins, an Economics student at MIT says:
“Ethereum’s is dropping and this may go on till the $470 level and from there Ethereum is expected to have a bullish break out. I feel that this would be a major bullish reversal and the coin will go up and above $500 mark. I’m expecting that it may happen tomorrow or day after tomorrow.”
To conclude, 61% of Ethereum respondents are bullish and they are ready to HODL till their investments make a big profit. Another 39% of the Ethereum respondents are bearish and feel that ETH will fail to remain above the crucial levels and will head down further.
Source: Read Full Article