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Ethereum has been stuck below its near-term resistance level at $190 for the past several weeks, and both ETH’s bulls and bears have been deadlocked as they hold the cryptocurrency steady within the mid-$180 region.

This bout of sideways trading may soon be coming to an end, however, as analysts are now noting that ETH’s Bollinger Bands are currently squeezing, which means that a massive price movement could be imminent.

Ethereum Stuck in $180 Range as Resistance Holds Strong

At the time of writing, Ethereum is trading down 1% at its current price of $185.70, which marks a slight retrace from its daily highs of $190 that were set yesterday in a brief upwards movement that ultimately resulted in another rejection at this resistance level.

Currently, ETH is trading its lowest price seen over the past 24-hours, but it is nearing a region where it has consistently found decent buying pressure, meaning that it may be able to hold steady above this level in the near-term assuming that there is no major Bitcoin movement that guides the aggregated markets.

Bitcoin has been contributing to ETH’s bout of sideways trading, as it has been caught around $8,700 for the past several days after being rejected from the lower-$9,000 region earlier this week.

A Big ETH Movement Could Be Inbound in Near-Future

Ethereum’s Bollinger Bands are currently incredibly tight, which could signal that a massive price movement is imminent.

RJ, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that November has also historically been a month of tremendous volatility for the cryptocurrency.

“$ETH / USD: November squeeze, one of the biggest we’ve ever seen: BBW grinding the bottom for almost two months now. Nov ’17 – Start of the bullrun, $280 –> $1400. Nov ’18 – Start of the capitulation, $230 –> $80. Nov ’19 – ?” he noted while pointing to the below chart.

As for where this volatility could send ETH, MoonOverlord, another poplar crypto analyst, explained in the chart found within the below tweet that he believes the crypto could target $300 in the near-term.

The coming hours and days could be pivotal for Ethereum, as its response to its tight Bollinger Bands could set the tone for how it trends throughout the rest of the year.

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Cole Petersen , 2019-11-14 23:00:50

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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.

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

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