Malaysia: Ethereum Market
Cryptocurrencies are becoming more and more popular around the world. Bitcoin is probably the largest and most famous cryptocurrency available, but there are other available cryptocurrencies, including Ether.
In Malaysia ethereum price has experienced better days as the shorts have fallen 10% since the weekend. Currently, the bulls are trying to generate a counter-trend rally, but this attempt could exhaust its potential strength. Some confuse this argument because fewer trades have occurred in recent days compared to the previous sell-off in November, which temporarily broke the $1,000 barrier. If market conditions persist, short sellers may take definitive action to keep the Ether price below $1,000.
The Ether price is currently auctioning at $1,119. Market shorts may set a summer liquidity target of $1,000, possibly even $939. If the wait-and-see bulls do not intervene in these areas, a free-fall decline targeting the summer low of $880 will be imminent. Invalidating the downtrend would be a break of $1,276.
Conversely, a counter-trend spike to the previous oscillator at $1,276 would be the ideal target area for short-term bulls. The bulls will need to break above the $1,192 8-day exponential moving average to justify any bullish trade ideas.