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ETH: new 3-month low| large wick on 4H candle gives some hope

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Quick glance: In our last analysis on ETH, we suggested to wait before thinking to buy the dip. And rightly so, it has dropped by another 12% since our previous analysis. ETH has formed a new 3-month low reaching the $1700 mark. The large wick on the bottom of the latest 4H candle indicates some buying activity. However, market is still largely dominated by the bears.

Market in the last 24hrs
The last 24 hours witnessed a massive selloff. Stop losses were triggered caused prices to drop sharply, and triggered a further panic selling.

Today’s Trend analysis
ETHUSD seems to be under huge selling pressure. The low created at $1700 is a 3-month low for ETHUSD.

Price volatility remained extremely high at approximately 17.4%, with the day's range between $1700 — $1997.00.

Price at the time of publishing: $1767.35
ETH's market cap: $206.44 Billion

Out of 11 Oscillator indicators, 7 are neutral, and 3 are bearish.
Out of 15 Moving average indicators, 14 are bearish , and 1 is neutral .
Indicator summary is strongly bearish for ETHUSD.

Volumes have spiked up tremendously in the past 24 hours.
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The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4Hr candles.

Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .

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Any feedback and suggestions would help in further improving the analysis! If you find the analysis useful, please like and share our ideas with the community. Keep supporting :)