This Indicator Predicts Probable Bearish Trend Ahead For Ethereum

The crypto market started climbing downhill after the Federal Reserve August 26 meeting many coins plummeted, including the top two, Bitcoin and Ethereum. As of August 28 and 29, ETH was losing and trading in the reds. But it seems everything is bouncing back to normal. Ethereum started an uphill climb at the close of the market on August 29. The coin recorded an intraday high of $1,556.31 and closed the market at $`1,553,04. The lowest point on August 29 was $1,427.73. At the time of writing, stands at $1,571. Related Reading: WATCH: Bitcoin Versus DXY And The Dangerous TD9 Setup | Daily TA August 30, 2022 The price jump has pushed the market cap to $194,421,528,423 by adding 9.74%. But then, analysts have presented a chart indicating that ETH price might still plummet to $1,000 again. Ethereum Chart Indicates A Possible Bearish Trend According to Fairlead Strategies, Kate Stockton, the chart above shows that Ethereum has broken under its initial support from the 50-day MA, increasing downside risks with short-term momentum is negative. Also, the weekly stochastics have taken a downturn, which hasn’t happened since April. These signs indicate that ETH might retest support at $1,000 Ethereum prices have continued to fluctuate uncontrollably. The Merge in September was supposed to push it positively. But things are not turning out well as the crypto shows volatile price swings. In early August, ETH went as high as $2...