Ethereum prices over the last seven days showed a gradual decline in the buying volume of the asset. A look at the chart paints a clearer picture of what transpired.
The chart above depicts almost equal candles of different colors. This is as a result of a near equilibrium in buying and selling pressure. An increase in one day is always shortlived as an opposing action may take place during the next intraday session.
This was dominant trend during the previous intraweek session. In the end, we noticed a red doji. This pattern is still present during the current seven-day period. As with the previous, we are also seeing a doji.
Many traders are finding it hard to come up with possible predictions as to how prices may perform in the coming days. Indicators, however, are pointing to a massive downtrend. Let’s consider these metrics.
The Moving Average Convergence Divergence
The indicator shows that the apex altcoin had a bearish convergence a few days ago. However, it is not pronounced as the asset failed to record any huge price change.
Over the last four days, we noticed that the 12-day EMA is very close to the 26-day EMA with no contact. This is also the trend at this time. Nonetheless, a divergence is almost inevitable as the crypto market is losing its bullish momentum.
Such a bearish event may spell out a massive in price in the coming days.
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