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Nov 30, 2019 at 14:33 // News

Ethereum price analysis

Ethereum is declining and may drop to a new low at $136. Ethereum will rise to a high of $175 if the bulls jump over the resistance zones.

Ethereum Price Long-Term Analysis: Bullish


After its sudden fall to a low of $136, the pair moves up and got stuck at $150 and $160 supply zones. Today, Ethereum is gradually declining from the price at $158. The bulls made concerted efforts to push the price above the $150 and $160 but were repelled. The price at $150 and $160 has proven to be strong resistance.


Therefore, if the market continues to decline, ETH will suffer more depreciation. The pair is declining to the new low of $136. There are indications that the pair will fall to a new low of $120. Nonetheless, if the support holds, the bulls will revisit the previous high.

Ethereum Indicator Analysis 


The present bullish movement was as a result of price falling to the support of the trend line. The reverse would have been the situation if the price has fallen below the trend line. The blue line EMA is acting as a resistance to the coin that is declining.


ETH chart.jpg


Key Supply Zones: $220, $240, $260


Key Demand zones: $160, $140, $120  

What Is the Next Direction for Ethereum? 


At present, the pair is declining as buyers fail to penetrate the prices at $150 and $160. We are expecting Ethereum to shoot up and breach the zone if the declining market puts a hold to its downward move. Traders should refrain from the initiation of any trade but watch if the coin falls to the new low of $136. Thereafter, you can lookout for a buy stop.


Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

coinidol.com By Coin Idol , 2019-11-30 16:33:00 ,

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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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