Analyst Michael van de Poppe was wrong to be happy about the rise in the price of Ethereum, which has been gradually falling in price since August 24, when a new price record was set.
I must say, the ETH price chart is starting to look great, Michael wrote.
The expert attached a chart of Ethereum price fluctuations to this message, which shows that the coin’s rate has broken through the moving average, probably in 10 days. However, the asset’s price did not consolidate above this barrier and fell below it on September 4, breaking through the support barrier at $4,400.
The chart that inspired van de Poppe
Given the resumption of the downward trend, yesterday’s short-term rise in the cryptocurrency rate resembles a «dead cat bounce.» Clearly, Michael was too early to celebrate a potential reversal. So do the employees of the FOMOmeter platform, who developed the new cryptocurrency index «Fear and Greed.»
Things always look their best just before private investors rush in. The light you see on the Ethereum chart is the taillights of the smart money driving away, FOMOmeter commented on Michael’s post.