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ETHEREUM : UPDATE PRICE ACTION – PRICE IS FALLING…… for COINBASE:ETHUSD by FOREXN1

After cryptocurrencies plunged by a broader margin than other assets, some traders may bottom fish the Top 10 cryptocurrencies. The risk remains to the downside as the global risk-off sentiment that accelerated in September is set to continue, and the cryptocurrency market ranks among the most vulnerable ones. Bitcoin has led the march lower, and traders should expect a sustained breakdown below 40 ,000 after price action dipped below it earlier today before a massive recovery spiked it over 10% from its intra-day low. Ethereum may witness a rise in selling pressure, driven by its bearish head-and-shoulder chart pattern.

Besides a sell-off in other sectors, which often leads to traders dumping non-essential assets like cryptocurrencies to meet margin calls elsewhere, traders should monitor the fallout from top Chinese property developer Evergrande, the world’s most indebted real estate developer. It vowed to meet its interest payment tomorrow but is likely to crumble, and some analysts point out that the real estate developer is already in technical default with banks. Many Chinese investors piled into cryptocurrencies over the past two years, aiding a massive rally to all-time highs in the sector. A ripple effect from an Evergrande contagion event may force selling in cryptocurrencies, with Ethereum vulnerable to plunge towards the 2,500 level.

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