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Ethereum (ETH) Signaling Upside Continuation, $165 Possible?

  • Ethereum is showing positive signs above the $150 and $152 resistance levels against the US Dollar.
  • The price is currently trading near the $155 resistance and it could rise further.
  • There is a short term bullish flag forming with resistance near $155 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price could rise nicely above the $155 and $160 resistance levels in the near term.

Ethereum price is gaining bullish momentum above $150 versus the US Dollar, while bitcoin rallied above $7,500. ETH price is likely to aim $165 if it settles above $155.

Ethereum Price Analysis

Recently, there was a nice recovery in Ethereum above the $140 and $142 resistance levels against the US Dollar. Later, ETH price consolidated above the $142 support area and below the 100 hourly simple moving average.

Finally, the bulls gained strength and were able to push the price above the $150 resistance area and the 100 hourly simple moving average. Besides, yesterday’s key bearish trend line with resistance near $150 was breached on the hourly chart of ETH/USD.

It opened the doors for more gains above the $152 resistance. Ethereum tested the $155-$156 resistance area and it is currently consolidating gains. An initial support is near the $152 level.

Furthermore, the 23.6% Fib retracement level of the recent rise from the $142 swing low to $156 high is also near the $152 level. More importantly, there is a short term bullish flag forming with resistance near $155 on the same chart.

If there is an upside break above $155 and the price climbs above the $156 high, there could be more gains. In the mentioned case, the price may perhaps surpass the $160 resistance and continue higher.

The next key resistance of the target for the current recovery could be $165. Conversely, the price might fail to continue above the $155 and $156 resistance levels.

On the downside, the price may revisit the $148 zone if it breaks the $152 support. The 50% Fib retracement level of the recent rise from the $142 swing low to $156 high is also near the $148 level. If there are more downsides below $148 and the 100 hourly SMA, the price will most likely retest the $142 support.

Looking at the chart, Ethereum price is showing positive signs above the $152 and $148 support levels. The current price action suggests high chances of more gains above $155 and $158.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently correcting lower from 65 and it could test the 50 level.

Major Support Level – $148

Major Resistance Level – $155

The post Ethereum (ETH) Signaling Upside Continuation, $165 Possible? appeared first on NewsBTC.

NewsBTC , 2019-11-28 05:08:44 ,

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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.

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

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