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Market Outlook
Ethereum (ETH) Price Down Today?
Why is Ethereum (ETH) price down today?
- The article does not provide an explanation for the drop in ETH’s price.
- It only mentions that the price has dropped and provides a brief overview of other cryptocurrencies.
Cryptocurrency Market Analysis
Avalanche (AVAX)
- The selling accelerated after the price broke below the 20-day EMA ($45.64) on Dec. 18.
- The AVAX/USDT pair has dipped below the 50-day SMA ($39.94), indicating that the breakout above $51 may have been a bull trap.
- If the price remains below the 50-day SMA, the next stop is likely to be $30.50.
Chainlink (LINK)
- Chainlink turned down sharply on Dec. 18 and slipped below the $23 support on Dec. 20.
- The 50-day SMA ($18.82) is the crucial support to watch out for in the short term.
- If the price rebounds off the 50-day SMA, the LINK/USDT pair may rise to the 20-day EMA ($24.26).
Toncoin (TON)
- Toncoin broke below the 50-day SMA ($5.80) on Dec. 18 and reached the $4.72 to $4.44 support zone on Dec. 20.
- The 20-day EMA ($5.99) has been turned down, and the RSI is in the negative zone, signaling that bears have the upper hand.
Cardano (ADA)
- Cardano completed a bearish head-and-shoulders pattern when it fell below the neckline on Dec. 19.
- The long tail on the Dec. 20 candlestick shows that the bulls are trying to defend the breakout level at $0.80.
Dogecoin (DOGE)
- Dogecoin plummeted below the 50-day SMA ($0.35) on Dec. 19, indicating that the bears are back in the game.
- The long tail on the Dec. 20 candlestick shows that the bulls are trying to arrest the decline at the 61.8% Fibonacci retracement level of $0.27.
Other Cryptocurrencies
- Avalanche’s AVAX selling accelerated after the price broke below the 20-day EMA ($45.64) on Dec. 18.
- Chainlink LINK turned down sharply on Dec. 18 and slipped below the $23 support on Dec. 20.
- Toncoin TON broke below the 50-day SMA ($5.80) on Dec. 18 and reached the $4.72 to $4.44 support zone on Dec. 20.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
