ETH Losing Support, Bearish Take Over

Aug 23, 2016 at 16:46 // Price
Author
Daniel Dabek

August 23 2016, Ethereum is trading in a narrow range, and Poloniex moves to delist DAO from trading by September 5th.

CoinIdol.com has asked Michael Morton, Senior Trading Analyst at Ethereum Labs:

CoinIdol: What are some factors for the week ahead that you think will influence the price?

Michael Morton: “I bet the trend will more or less continue sideways until people get over the ETC fork and realize that ETH and ETC are both here to stay.

I see the ETH price as slightly bearish. I would expect this to continue for the rest of the week.”

CI: Do you have an insight into some trading activity that traders should look out for in the coming week?

MM: “The biggest influence I see on the ETH price is how much mining power it has after ETH vs ETC. If you see one of those start to get more mining power than the other then that's a good indication that the one gaining mining power will increase while the other decreases.”

Ether Price

Traders and ETH/ETC community members can track the hashing rate of Ethereum Classic ETC: http://stats.ethc.io/ and the hash rate of Ethereum ETH: https://ethstats.net/ 

Ethereum ETH is trading at 0.0191 btc/eth Offered and 0.0190 btc/eth Bid at the time of writing. Technical indicators show that ETH is trading at the 61% retracement mark from its height of 0.023 eth/btc a month ago. This is higher on the range and could indicate short-selling and profit-taking opportunities. Given that there are no indications of events taking place, ETH may continue to lose support and further retrace down in price across the chart.

ETH/BTC Ethereum price Poloniex, August 22, 2016

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