The leader of digital currencies retraced its weekend slump, which extended to September 19, when it hit a three-month low near $18,000. Despite the rebound, it is trading again at around US$19,000 and “its technical aspect is very complicated and it seems very likely that we could end up seeing a new attack at the $17,640 level”indicated César Nuez, an analyst at ‘Bolsamanía’.
“The abandonment of this price level would be a cataclysm for its technical aspect, which could bring an extension of the falls to the vicinity of $12,200,” he warned. “Being interested in the ‘crypto’ right now does not seem like a good idea and it is that we will not see a sign of strength as long as it remains trading below $22,700, the maximum of this month of September“Nut adds.
As for Ethereum, sales have been primed in the token after the deployment of La Fusión, the migration of the eponymous blockchain to the proof-of-stake consensus model. The ‘sell the news’ move fueled the sell off after ether had been gaining traction the past few months in anticipation of this time and the digital asset has gone as far as correcting 20%.
For the moment, however, it has managed to hold on to the support it presents at $1,270. Despite everything, “his technical aspect is complicated and we do not rule out ending up seeing an extension of the falls, since his main trend is clearly bearish and for weeks he has been drawing lower highs,” said Nuez. And he warns that “It is very likely an extension of the falls to the annual lows that it drew in the month of June at 876 dollars”.
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Source: Ambito
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