Ethereum experiences a "flash crash" to $191, more pain to come?

14 Jul, 2019 | Updated: 15 Jul, 2019
by Will Heasman
Price Analysis
Ethereum experiences a flash crash to $191, more pain to come?

While Bitcoin is hurting from its latest dip, its nothing compared to the world of pain current being felt by altcoins, feeling the burn more than most is Ethereum which recently incurred a flash crash on Bitstamp crashing its price right down to $191, unfortunately for ETH holders, analysts believe the pain isn’t over yet...

Right now Ethereum (ETH) is trading at around $239 on Bitstamp following today’s dive-bomb which took ETH all the way down to $191:

 ETH/USD Chart provided by Tradingview

While the initial recovery was swift, analysts believe that the worst is still to come for ETH.

Analyst Alex Kruger noted that the flash crash below $200 was a “providential sell signal,”

Another known as D4rkEnergY noted that based on the Elliot wave principle that a bearish divergence was forming, with a correction having already taken place the analysts suggested that ETH could retrace further down to the Fibonacci level of 61.8%, place ETH just below $200.

Credible Crypto noted that ETH could either be currently at the bottom of its retrace or continue lower depending on whether or not it holds resistance at $230:

What do you think? Will Eth bounce back or drop further? Let us know your thoughts in the comments below!

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