The second cryptocurrency is experiencing all the “delicacies” of the ongoing global crisis as it has already seen all of the gains from the last year melt away in a matter of three weeks. During that time, the price reached the bottom at $85.3, which is also a support level from the tail end of 2018, and began showing signs of recovery, although they are still quite weak.
A morning star in the ranging mist
The crisis is already three weeks old, and the market appears to have entered the period of relative stability. It is now showing signs of recovery that is taking the form of the morning star pattern, with last week’s candle being a doji. Although for this pattern to become conclusive, the current candle has to close near $160, which could prove extremely high to obtain in the present market condition.
1-week ETH/USDT chart
While the execution of this pattern remains feasible in theory, MACD on the weekly time frame suggests otherwise as the slow-moving average has already crossed under -25 line while the fast one remains behind at a considerable distance, which leaves room for two scenarios.