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Ethereum experiences a "flash crash" to $191, more pain to come?

source-logo  chepicap.com  + 1 more 15 July 2019 11:10, UTC

While Bitcoin is hurting form its latest dip, its nothing compared to the world of pain current being felt by altcoins, feeling the burn more than most is Ethereum which recently incurred a flash crash on Bitstamp crashing its price right down to $191, unfortunately for ETH holders, analysts believe the pain isn’t over yet...

Right now Ethereum (ETH) is trading at around $239 on Bitstamp following today’s dive-bomb which took ETH all the way down to $191:

 ETH/USD Chart provided by Tradingview

$ETH #EThereum - Flash crash on Bitstamp last night down to $191 pic.twitter.com/hpLqweprFl

— Big Cheds (@BigCheds) July 14, 2019

While the initial recovery was swift, analysts believe that the worst is still to come for ETH.

Analyst Alex Kruger noted that the flash crash below $200 was a “providential sell signal,”

That's what I call a providential sell signal. $ETH pic.twitter.com/Xs609Jhwak

— Alex Krüger (@krugermacro) July 14, 2019

Another known as D4rkEnergY noted that based on the Elliot wave principle that a bearish divergence was forming, with a correction having already taken place the analysts suggested that ETH could retrace further down to the Fibonacci level of 61.8%, place ETH just below $200.

I have been warning you about $ETH for a while. Others were talking about $ETH at 800 USD.

1-5 Elliott Waves - Regular Bearish Divergence.

ABC-Correction done, but expecting a combination pattern WXY/WXYXZ, so we reach 61.8% or 78.6% Fibonacci Retrace, which is below $200 🐻 pic.twitter.com/7ucFLB5dqe

— D4rkEnergY 🔥🔥 (@D4rkEnergYYY) July 14, 2019

Credible Crypto noted that ETH could either be currently at the bottom of its retrace or continue lower depending on whether or not it holds resistance at $230:

The bottom? or stepping stone to $210? We will know soon enough...$ETH pic.twitter.com/E22lHf1Orv

— Credible Crypto (@CredibleCrypto) July 14, 2019

What do you think? Will Eth bounce back or drop further? Let us know your thoughts in the comments below!

chepicap.com

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