Ethereum Sell Signal Foreshadows Possible Crypto Trend Shift
15 January 2019 - 9:26PM
ADVFN Crypto NewsWire
While cryptocurrencies began the week swinging between gains and
losses, the outlook might not be too optimistic for some of the
biggest digital assets.
A tool used by technical analysts called the GTI VERA
Convergence Divergence Indicator that detects trend reversals is
flashing a sell signal for Ether, with the longest buying trend
since October ending for the third-biggest digital currency. The
shift could foreshadow a negative turn for Bitcoin, which is close
to a trend reversal as well.
Ether slipped as much as 9.5 percent to $113.49 in New York, the
fifth decline in six trading days, before moving higher. Bitcoin,
the biggest digital asset, slumped as much as 4.5 percent to
$3,487, the lowest level since Dec. 18, before recovering to be
little changed. XRP, which has surpassed Ether as the
second-largest coin, fell as much as 5.7 percent to around 32
cents.
To be sure, some good news may be in store with the Ethereum
network due for a software upgrade on Jan. 16. The vast majority of
miners whose computers support the network are expected to adopt
the changes, which should reduce the rewards for providing the
computing power, and consequently -- the supply of new coins
entering the market.
— With assistance by Kenneth Sexton
Source: Bloomberg
By
Olga Kharif
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Apr 2024 to May 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From May 2023 to May 2024