{"id":403196,"date":"2019-11-03T20:00:52","date_gmt":"2019-11-03T20:00:52","guid":{"rendered":"https:\/\/wncen.com\/?p=403196"},"modified":"2019-11-03T18:12:37","modified_gmt":"2019-11-03T18:12:37","slug":"potential-ethereum-dip-provides-ideal-long-entry-claims-analyst","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/potential-ethereum-dip-provides-ideal-long-entry-claims-analyst\/","title":{"rendered":"Potential Ethereum Dip Provides Ideal Long Entry, Claims Analyst"},"content":{"rendered":"

Ethereum\u2019s price has been slowly grinding lower over the past 24-hours which comes about as the asset sees an even further decline in its on-chain volume, and ETH is now at risk of breaking below a key short term support level, which could mean that a period of capitulation is imminent.<\/p>\n

In spite of this, one prominent analyst is noting that he believes that any potential price dip for both Ethereum and Bitcoin in the near-term could simply be a bear trap that provides traders and investors alike with an ideal long-entry.<\/p>\n

Ethereum Grinds Lower as it Nears Key Short-Term Support Level<\/strong><\/h2>\n

At the time of writing, Ethereum<\/a> is trading down just under 2% at its current price<\/a> of $182, which marks a notable drop from its 24-hour highs of $186 that were set yesterday.<\/p>\n

Ethereum\u2019s downwards movement today comes concurrently with a similar movement by Bitcoin, which hit highs of $9,400 overnight before it began a short-term downtrend that has sent it to beneath $9,200.<\/p>\n

This bearishness today is simply an extension of the period of choppy trading that has been experienced by the aggregated crypto markets<\/a> over the past several days and weeks, and Ethereum is currently caught in a trading range between $180 and $192, with the former price being a key support level that has held strong on multiple occasions over the past several weeks.<\/p>\n

ETH has also been facing declining trading volume over the past week, which has dropped even further today, with TokenAnalyst noting that it has plummeted by nearly 34% over the past 24-hours.<\/p>\n

\u201c4H #ETH Network Stats: Price: $183.54 (+0.9%). $ETH On-Chain Volume: $192M (-33.7%). Active Senders: 198K (-17.1%). Active Recipients: 87K (-6.3%),\u201d they explained.<\/p><\/blockquote>\n

\n

\ud83d\udce2 24H #ETH<\/a> Network Stats:<\/p>\n

\ud83d\udcb2 Price: $183.54 (+0.9%)
\ud83d\udcb5
$ETH<\/a> On-Chain Volume: $192M (-33.7%)
\ud83d\udc48 Active Senders: 198K (-17.1%)
\ud83d\udc49 Active Recipients: 87K (-6.3%)<\/p>\n

Visit https:\/\/t.co\/u90eafzR5J<\/a> for more info<\/p>\n

— TokenAnalyst (@thetokenanalyst) November 3, 2019<\/a><\/p><\/blockquote>\n