Ether Price Outlook Gloomy After Again Falling Below $1K

The price of ether, ethereum’s native token, is likely to head south unless the bulls can quickly pull the price back over $1,160 levels, price chart analysis indicates.

On Coinbase’s GDAX exchange, ether hit a one-week low of $905 at 11:50 UTC today. A sharp recovery from the last week’s low of $757 ran out of steam at $1,164 over the weekend. The subsequent drop to sub-$1000 levels has left a lower high (bearish action) on the charts. As of writing, the cryptocurrency is changing hands at $930 levels on GDAX exchange.

ETH has depreciated by 8 percent in the last 24 hours, according to data from OnChainFX. Further, prices are down 20 percent from the weekend high of $1164. Still, the technical charts are now showing oversold conditions.

The price charts indicate that ether will mostly likely erase the 22 percent gains made since last week’s low of $757 in a slow and steady manner over the next couple of days…

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