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ETH/USD, Daily Chart Analysis 8/10

ETH/USD
COINBASE:ETHUSD


Implications and Outlook
1. The overall crypto-currency landscape is gloomy. Even just a short-term reversal, buyers-bulls will need a more significant leadership to form among the many coins. For the time being, the somewhat weak currencies continue to lead the market segment lower, even though the previously more robust ones are not exhibiting stableness, pointing to a nonetheless sturdy negative downtrend.

Ethereum             (ETH/USD) still is testing the outer Coin Dip of $340 outcome following sinking below $350 on Wednesday, as the second most significant coin merely were able to gain a handful of percents after a rout. The relative lack of strength of the token is a bearish indication for the whole crypto segment, and now a move towards the Coin Dip $340 level is probable. The declining short-term trend pattern is plainly intact, together with strong inverse Key Resistance ahead at $370 investors and traders should continue to be defensive here.

2. The bears will try to defend Mean Resistance of $417. Their reward might be takedown to Coin Dip $340. The violation of this Coin Dip will undoubtedly bring serious of the longer-term bearish implications targeting very deep additional Coin Dip $208.

3. Current Coin Strategy Bias: Bearish 70 / Bullish 30


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