Share this article
Ether's Bull Run from December Lows Appears to Have Ended
Prices fell 10.18 percent last week and closed at $194, the first under-$200 weekly close since mid-May.
Updated Sep 14, 2021, 1:51 p.m. Published Aug 21, 2019, 3:40 p.m.
Make us preferred on Google
Ethereum’s cryptocurrency, ether, is losing altitude, with signs suggesting the asset has ended a bull market from December lows with a drop below $200 last week.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The second-largest cryptocurrency by market capitalization is currently trading at $183 on Bitfinex, representing a 7.3 percent drop on a 24-hour basis. Prices fell 10.18 percent last week and closed (Sunday, UTC) at $194, the first under-$200 weekly close since mid-May.
More importantly, with the weekly close at $194, ether violated the uptrend from December lows as represented by the trendlines connecting December and February lows and December and May highs.
Essentially, the eight-month rising channel has been breached to the downside, a sign of bullish-to-bearish trend change, as per technical analysis theory.
So, the cryptocurrency could remain under pressure in the near-term, more so, as bitcoin, the top cryptocurrency, is looking south.
Weekly chart
Ether bottomed out at $83.00 in mid-December, as the bitcoin bear market ran out of steam near $3,100.
The cryptocurrency then charted its first bullish higher low at $102.50 in the first week of February, before breaking into a bull market with a move above $167 in the first week of April.
Notably, prices rose by almost 57 percent in May – the biggest monthly rise since April 2018 – extended gains to hit a ten-month high of $363 at the end of June.
The cryptocurrency pulled back in July, but the correction did not damage the bullish structure.
However, the latest dip below $200 has violated the bullish higher lows and higher highs setup represented by the rising channel from December lows. Further, ETH made a failed attempt to retake the rising channel earlier this week, reinforcing the channel breakdown.
The downward sloping 5- and 10-week moving averages (MAs) also indicate a bearish setup.
Meanwhile, the 14-week relative strength index (RSI) has dropped into the bearish territory below 50 and the moving average convergence divergence has crossed below zero for the first time since December, confirming a bearish reversal.
So, support levels lined up at $170 and $150 could come into play in the near term.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Ethereum image via Shutterstock; charts by Trading View
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Ethereum’s ERC-8004 aims to put identity and trust behind AI agents
A new Ethereum standard seeks to give AI agents portable identities and reputations, letting them interact across companies and chains without relying on centralized gatekeepers.
What to know:
- Ethereum developers are set to roll out ERC-8004, a new standard that gives AI software agents persistent on-chain identities and a shared framework for establishing credibility.
- The standard defines three registries—identity, reputation and validation—that let agents register themselves, collect reusable feedback and publish independent checks of their work on Ethereum or layer-2 networks.
- Framed as neutral infrastructure rather than a marketplace, ERC-8004 aims to enable interoperable, gatekeeper-free AI services on Ethereum, even as ether trades just above $3,000 after a recent price gain.
Top Stories
