26 out 28 three day Candles RED - 3 months non stop price is going down.
A recent rejection at Resistance which has happened multiple time consistently over last few months in a few defined
Overall Market sentiment
Unnecessary hardfork splitting chain, multiple bugs, no apps except the notoriously failed DAO and notoriously delayed REP. The fundamentals are poor, will need constant good news & a working chain long term to reverse market sentiment.
Ethereum has been in free fall for sometime.
it recently traded at $5.88 to the ETH, a 7 month low.
that was from its previous level of $12 at the end of October 2016 to nearly half of that as of Dec. 6, 2016.
Since china meetup 3 months ago where price was at 2400 recent low was 750 with the BTC ratio taking the biggest hammering, when btc has gone down or been sideways Eth has continued to go down in BTC ratio.
There was a big short squeeze at the bottom with bigger short positions from months back taking profits & thin book cause a fomo with some speculators buying back in.
Why is it falling ?
at least four hardforks or more, lost count.
which have left investors impatient and exhausted. it started forking at the DAO hack & never stopped.
The proverbial last straw seems to be November’s accidental hardfork, which resulted in Ethereum’s two main clients, Parity and Geth, losing consensus.
Market sentiment is very bear. there is no reason for that to change anytime soon.
Downtrend will continue unless bigger players get involved to provide support.
I expect continuation of down trend.
Next major support level is 9100.