The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
The ETH/USD pair is dropping like a rock and it seems unstoppable. It was trading at 1,852 at the time of writing. The bearish pressure is strong, so Ethereum could hit fresh new lows anytime. As you already know from my analysis, the altcoins could drop if the price of Bitcoin extends its sell-off.
ETH/USD dropped by 26.04% from Tuesday's high of 2,458 to 1,818 today's low. Technically, the bias is bearish, more declines are in cards. In the last 24 hours, ETH/USD is down by 22.29% and by 37.25% in the last 7 days.
ETH/USD accelerated its sell-off after failing to stabilize above the descending pitchfork's median line (ml). The aggressive breakdown below 2,159 signaled more declines. 1,728 level stands as a key level, as a potential downside obstacle. It remains to see how it will react around this support level.
Breaking below the median line (ml) signaled a potential drop towards the lower median line (lml). Still, only a valid breakdown below 1,728 may activate such a larger drop. Technically, after its massive drop, a temporary rebound is in cards from around 1,728.
Its breakdown below 2,159, registering a new lower low represented a selling opportunity. Now, it is too late to go short as the altcoin is almost to reach the 1,728 key level. A temporary rebound could help us to catch a new sell-off, a new selling opportunity.
Making a valid breakdown below 1,728 could signal more declines towards the lower median line (lml).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
