Analysis of Ethereum for 28/12/2018 - ConsultFX

Analysis of Ethereum for 28/12/2018

The projects that had their ICOs on the blockhouse at Ethereum quickly withdrew their ETH assets from June 2018. Payments from treasury securities reached the highest level in December, and more than 420,000 ETH were "liquidated".

In the current month, more than 40,000,000 coins have been paid out from ICO, making the month the largest withdrawal period this year, according to Diara.

The market research company also reveals statistics on the prolonged bearish market in 2018. In January, the total amount of ETH in the ICO vaults was 4,623,148. Currently, this number has been reduced to 3,052,168 ETH. The average monthly payments are 2.45%, while in December 12.20% of the Aether was withdrawn from Treasury bonds.

November was also a month of massive sales when more than 290,000 ETH were closed down, with the payment of 82,000 ETH by Tezos.

Looking at the annual chart of ETH prices, it turns out that the third quarter was particularly merciless for the leading cryptocurrency. In December, it fell to just $ 83, being almost 95% lower than the record high values at the beginning of the year.

Let's now take a look at the Ethereum technical picture at the H4 time frame chart. The market has retraced almost 61% since the new local top was made at the level of 155.06 and currently is trading close to the level of 112.43, just above the 61% Fibo level at 106.78. The market conditions are now oversold and the momentum is kind of weak to neutral, so there is a chance for bulls to move a little bit higher towards the nearest technical resistance at the level of 117.40. Nevertheless, the key level for bulls is seen at 132.92 and as long as it is not violated, the market will be controlled by bears.


The material has been provided by InstaForex Company -