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  • ETH price declined recently below the $188 and $186 support levels against the US Dollar.
  • The price is still trading above the key $180 and $178 support levels.
  • There is a crucial bullish trend line forming with support near $180 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase as long as there is no daily close below the $178 support.

Ethereum price is currently holding a significant support against the US Dollar, while bitcoin is declining. ETH price is likely to rise towards $188 and $190.

Ethereum Price Weekly Analysis

This past week, Ethereum started a slow and steady decline from well above $190 against the US Dollar. More importantly, ETH traded below the key $188 support to move into a short term bearish zone.

Moreover, there was a break below the key $186 support area. Finally, the price spiked below the $182 support and the 100 simple moving average (4-hours). However, the bears failed to gain strength below $180.

As a result, Ethereum recovered above $182 and 100 simple moving average (4-hours). Besides, it traded above the 23.6% Fib retracement level of the downward move from the $194 swing high to $180 low.

The price even climbed above a connecting bearish trend line with resistance near $184 on the 4-hours chart of ETH/USD. At the moment, the price is consolidating above the $182 level and the 100 SMA.

An immediate resistance is near the $188 area (the previous support). Additionally, the 50% Fib retracement level of the downward move from the $194 swing high to $180 low is also near the $188 level.

Therefore, an upside break above the $188 resistance could push the price further higher. The next key resistance is near the $194 area. Any further upsides may perhaps set the pace for a break above the $200 barrier.

On the downside, there are many key supports near the $180 and $178 levels. Furthermore, there is a crucial bullish trend line forming with support near $180 on the same chart. Only a daily close below the $178 support could start another downward move towards the $160 level.

The above chart indicates that Ethereum price is clearly holding a couple of important uptrend supports near the $178 level. Thus, there are chances of a fresh increase above the $185 and $188 levels unless there is a clear break below $178.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is about to move into the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently below the 50 level, with a few bullish signs.

Major Support Level – $178

Major Resistance Level – $188

The post Ethereum Price Weekly Forecast: ETH Holding Uptrend Support appeared first on NewsBTC.

NewsBTC , 2019-11-10 05:00:23 ,

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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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