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  • Ethereum price is trading nicely above the key $182 and $180 support levels against the US Dollar.
  • The price is currently facing many resistances such as $187, $188 and $190.
  • Recently, there was a break above a connecting bearish trend line with resistance near $185 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin is holding the $8,650 support, but it remains at a risk of more downsides.

Ethereum price is still stuck in a broad range versus the US Dollar, while bitcoin is facing selling pressure. ETH price might recover higher unless the bulls fail near $180.

Ethereum Price Analysis

In the past three sessions, there were mostly range moves in Ethereum above the $182 support against the US Dollar. ETH tested the $182 support recently, settled below the 100 hourly simple moving average, and it is currently recovering higher.

It corrected above the 23.6% Fib retracement level of the downward move from the $192 swing high to $182 low. Moreover, there was a break above a connecting bearish trend line with resistance near $185 on the hourly chart of ETH/USD.

However, the price faced a strong resistance near the $187 level. It represents the 50% Fib retracement level of the downward move from the $192 swing high to $182 low.

At the outset, Ethereum is trading with a bearish angle below $187 and the 100 hourly SMA. It might continue to decline, but there are many supports on the downside, starting with $184.

The next key support is near the $182 area, where the bulls are likely to take a stand. To push the price further into a bearish zone, the bears need to gain pace below the $182 and $180 support levels.

On the upside, the $187 level and the 100 hourly SMA are initial hurdles. A convincing break above the $187 and $188 resistance levels could push the price towards the $192 high.

Finally, a clear break above the $192 level is must for upside continuation. The next key resistance are near the $198 and $200 levels, above which it could test $205.

Ethereum Price

Looking at the chart, Ethereum price is showing a few positive signs, but it is facing a lot of hurdles such as $187, $188 and $190. On the downside, the $182 and $180 support levels hold the key. If there is a breakdown below $180, the price may perhaps decline towards $168.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is struggling to gain strength in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently declining and it is now just below the 50 level.

Major Support Level – $182

Major Resistance Level – $188

Aayush Jindal , 2019-11-13 03:08:36

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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