Coin Zone Trend: This Week’s Big Data on Ethereum Price Trends (2017-07-10)

ETH Weekly Report | Continuous decline in volume, medium-term trend is still bearish
1. Market highlights <br/>Current Ethereum price: 1670
Volatility last week: -16.98%
Operational suggestions: Avoid risks and be cautious when buying at the bottom

2. Trend Analysis <br/>Last week, the price of Ethereum continued to fall, and the weekly chart closed with a large negative line, and at the same time fell below the 1800 support level. At present, the overall bearish pattern remains unchanged, and the short-term and medium-term support area is 1300~1600. Looking at the 6-hour chart, the price of Ethereum has fallen back to the support level of 1600 again with a shrinking volume, and the gains of the accelerated rise in early June have been completely wiped out. The MACD indicator is running below the zero axis, and the stochastic indicator and the strength and weakness index are both oscillating in the hovering zone and the weak zone, indicating that the intraday long force is insufficient. The continuous shrinking adjustment shows that the market is reluctant to sell, and it is likely to fall into sideways fluctuations in the later period.
Looking at the daily chart, the MACD indicator has crossed the zero axis, and the price has fallen to around 1600 and is showing signs of hovering. If the price continues to fall with shrinking volume and the bulls do not increase their volume to attack, it is likely to break through the support level and fall to 1300 in the near future. If there is a sudden drop in volume, you can appropriately participate in the rebound market.
On the whole, if the market continues to decline with shrinking volume, the price is very likely to fall below the 1600 support level, and the market is likely to fall into consolidation in the future. If the price of Ethereum rises with large volume this week, you can participate in the rebound market appropriately, and the short-term resistance level is near the 1800 integer mark. If there is no large volume, it is not recommended to enter the market to buy at the bottom.