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Ethereum Price Analysis: ETH/USD Bullish Above $100, Test of Resolve

Latest Ethereum Price

At spot prices, bears are not only stress testing the dApp ecosystem but putting to test the resolve of investors and all market stake holders. Of course, its a fall from grace to grass, that dip from $1,400 to less than $100 has been damaging for investors, developers and businesses. ConsenSys—with more than 1,000 employees and in present in 30 countries is believed to be burning $100 million supporting staff and projects mostly from Joseph Lubin stash—is feeling the sting.  Days after calling for resilience, the company announced that they will be laying off 13 percent of its staff.

Read: Crypto Startups Going Bankrupt Amidst Market Crash

Aside from that, news has it that even with these low prices, hackers are now targeting unsecured Ethereum wallets and mining rigs. As reported by our team, hackers have been scanning the network for a week now and their main objective is to pick out port 8545—a JSON-RPC interface used by wallets and mining hardware. The interface depends on the user to set up passwords and if left open, then hackers can exploit that opening and siphon funds.

Also Read: Changpeng Zhao Likens Binance Chain To Ethereum, BNB To ETH

On the development front, the decision by developers to agree and fix a date for Constantinople is something very positive and would go a long way in instilling confidence in the ecosystem preventing project migration to rival networks.

ETH/USD Price Analysis

ETH/USD Price Analysis

On a weekly basis, ETH/USD is down 17 percent in the last week and quite stable in the last day and hour. And even as bears dig in, ETH is down in the excess of 85 percent from 2018 peaks and as Fibonacci retracement rules demand, a natural correction is imminent. This is why traders and investors across the board expect prices to bounce back and close above $100 by the end of the week. Once it does, then it is likely that ETH/USD would expand to $130 or higher. If not, falls to $50 or less will be inevitable.

Trend: Bearish, Minor Accumulation

From left to right, the trend is clear. ETH/USD is bearish and oscillating within a tight $17 range with limits at $100 and $83. Unless otherwise there are gains above $100, bears are in control and considering the rate of recent price erosion, we cannot discount the possibility of prices breaking below $83.

Volumes: Increasing, Bullish

As prices range, three bars are a standout: Dec 7, 1900HRs bull bar—321k versus 179k average, Dec 8—2300HRs bull bar—163k versus 134k average and Dec 9—1500HRs bull bar—130k versus 85k average. All these bars confine price action. In real sense, ETH/USD price action is still oscillating within Dec 7 high-low. Therefore, for buyers to be in charge then we must see strong gains above Dec 7 highs at $100 while falls below its lows would trigger a sell off towards $50.

Candlestick Formation: Bear Breakout

Clearly, bears are in charge but at spot prices, prices are in range mode and accumulating. As aforementioned, bears are in control but if bulls gain momentum and thrust prices above $100 then ETH buyers have a chance.


From the above, this is our ETH/USD trade plan:

Buy: $100—Dec 9 Highs

Stops: $85—Dec 8 Lows

Targets: $130, $160

Breaks below $83 invalidates this trade plan.

All charts courtesy of Trading View.

This is not investment Advice. Do your Own Research.

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Ethereum (ETC) Price Analysis: Bears Win Consolidation Battle

Ethereum previously consolidated inside a symmetrical triangle pattern to pause from its selloff but eventually broke to the downside to signal that further losses are likely. The 100 SMA is also making a bearish crossover to indicate that selling pressure is about to pick up.

However, RSI is pulling out of the oversold region to signal a quick return in bullish pressure. This might lead to a retest of the broken triangle bottom around the 115.00 area before more bearish action is seen. This broken support lines up with the moving averages dynamic inflection points to add to its strength as a ceiling.

Stochastic is also pulling out of the oversold region to signal that sellers need to take a break and allow buyers to take over. If buying pressure persists, ethereum could still find its way back inside the triangle or even resume the rebound.

However, sentiment in the cryptocurrency industry is not looking all that positive as the recent wave is leading more traders to join in the FUD. All that coverage on the recent price declines by mainstream media has also contributed to selling pressure as more and more folks unwind their holdings.

Last week, there was a brief improvement in sentiment as the focus returned to institutional investments. Still, it looks like buyers needed more than just mere expectations to sustain gains and would rather see actual industry developments.

It also doesn’t help that SEC Chairperson Clayton said that the lack of consumer protection measures in the crypto market suggests that they won’t be approving bitcoin ETFs anytime soon. This puts the industry a step back as it means that the likes of ethereum and its peers would have to wait much longer as well. Besides, ethereum is also under additional downside pressure as it was overtaken by Ripple and might also face stiff competition from rival altcoins.

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Ethereum (ETH) Price Analysis: Still Stuck in Consolidation

Ethereum is still inside a symmetrical triangle formation as it formed another lower high when it bounced from the $300 resistance. Price now seems to be aiming for the bottom of the triangle around $280 and the moving averages.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This suggests that support is more likely to hold than to break, possibly leading to yet another move to the top.

However, RSI is heading lower so ethereum might follow suit while sellers have the upper hand. Stochastic is also pointing down to reflect the presence of selling pressure. If bears are strong enough, they could push for a break of support and a downtrend that’s the same size as the triangle.

But when both oscillators reach oversold conditions and turn back up by then, buying pressure could return and lead to another test or even a break past the top.

The recent tweet by Elon Musk on how he wants ethereum “even if it’s a scam” is being blamed for the drop in price, although it’s tough to pinpoint which exact catalyst allowed price to turn from $300. After all, it could simply be profit-taking once more at the key psychological mark and a confirmation of a short-term double top right there.

In more upbeat reports, ethereum has been integrated by Yahoo Finance into its platform for trading. Some say that this marks an important step in crypto adoption, especially for retail investors, but others think that this could increase downside pressure.

In the meantime cryptocurrencies could also wait for clues on market sentiment when it comes to establishing longer-term direction. Risk appetite on account of trade developments is currently supporting stocks and commodities, possibly weighing on demand for ethereum and its peers.

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Ethereum (ETH) Price Analysis: Triangle Breakout Alert!

Ethereum broke below the bottom of its symmetrical triangle consolidation on the 1-hour chart to signal that bearish moves are in the cards. Price might be due for a pullback to the broken support, which is close to a new descending trend line forming.

Applying the Fibonacci retracement tool on the latest swing high and low shows that the 61.8% level lines up with the trend line and area of interest near $290. This might be the line in the sand for a pullback on this selloff, as a move beyond the $300 mark could signal that bulls are charging again.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, there’s still a chance for the uptrend to continue. At the same time, RSI is indicating oversold conditions and turning higher could bring buyers back in. Stochastic has reached oversold territory to reflect exhaustion among sellers and a possible takeover by bulls.

In that case, the correction could go on for a while, and the Fib levels might be where sellers are waiting. The 38.2% level is at $282.07 and the 50% level is at $286.32.

Cryptocurrencies are in the red once more as the pickup in stocks and commodities seems to have drawn traders back to traditional markets. This improvement in sentiment in global financial markets is being attributed to the upcoming trade talks between the US and China this week, with many hoping that the next set of tariffs could be avoided.

It’s important to note, however, that these will just be low-level talks and there won’t likely be any decisions made for now. This could lead to a return in risk aversion that tends to prop up cryptocurrencies.

Another factor worth watching is the turmoil in Turkey as escalation could bring in capital controls that tend to favor bitcoin as well.


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Ethereum (ETH) Price Analysis: On the Lookout for a Breakout

Ethereum is consolidating in a symmetrical triangle and might be to break out soon.

After the strong moves in the previous month, Ethereum is now consolidating inside a symmetrical triangle pattern as bulls and bears wait for catalysts. Price is approaching the peak of the formation so a breakout might be due soon.

The 100 SMA is above the longer-term 200 SMA to hint that the path of least resistance is to the upside. In other words, an upside break might be more likely to happen than a downside break. The chart pattern is around $80 tall so the resulting move could be of the same size.

RSI appears to be slowly making its way down, indicating that sellers have the upper hand. This could lead to a break below the $290 triangle bottom, which is also around the 200 SMA dynamic inflection point. Stochastic was on its way up to show the presence of buying pressure but seems to be turning down also.

Ethereum has been struggling to hold its ground since breaking below the $300 key psychological level. Buyers would need to be strong enough to push price past this level to draw more bullish energy and sustain any rallies.

The recent drop is being pinned on the cashing of ICOs as most tokens chalk up consecutive declines. And since ERC-20 tokens were mostly used for the creation of ICOs for funding purposes, the profit-taking activity has consequently led to selling of Ethereum.

A pickup in cryptocurrency prices could then be needed to restore demand for Ethereum, as well as improvement in risk taking. Traders are keeping tabs on Turkey and potential contagion, as this might also lift demand for alternative assets like digital currencies. This has been the case when capital controls were imposed on Greece a few years back as people looked for a better store of value or medium of exchange than a rapidly dropping currency.


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Ethereum (ETH) Price Analysis: Bears Still in Control?

Ethereum has formed lower highs and lower lows to trade inside a descending channel on its 1-hour time frame. Price found support at the bottom and looks ready to test resistance again.

Applying the Fibonacci retracement tool shows that the 61.8% level lines up with the channel top around $300. This is also just below the 100 SMA dynamic inflection point, which might also keep gains in check. If so, Ethereum could fall back to the swing low at $250 next.

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. The gap between the moving averages is also widening to reflect stronger selling pressure.

RSI is on the move up but nearing overbought territory to indicate that buyers are in control but could lose momentum soon. Stochastic is also dipping into overbought territory to reflect exhaustion among bulls. Turning lower could bring sellers back in, even before price hits the top of the channel.

Ethereum broke below a key support zone, likely drawing even more selling pressure as investors rush to liquidate positions even before finding out what’s driving the move. There appear to be no catalysts for the sudden drop, at least based on the headlines, but mostly sentiment-based trading.

Traders have a weaker appetite for riskier assets these days on account of the crisis in Turkey that is feared to spark contagion to European banks and the global economy. However, cryptocurrencies have shown a tendency to do well when these situations persist, especially once investors start moving funds out of traditional markets that are more susceptible to a financial crisis.

If this phenomenon takes over, Ethereum could have a shot at busting out of the channel and starting a reversal. It would help, though, if this was also supported by positive developments in the industry itself.


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Ethereum (ETH) Price Analysis: Bulls Slowly Gaining Traction

Ethereum bulls appear to be defending the near-term support and may resume the climb.

Ethereum has formed higher lows and higher highs to trade inside an ascending channel on its 1-hour chart. Price has pulled back from the recent rallies to test support and appears to be encountering some bullish energy.

If the channel bottom continues to hold, Ethereum could be able to bounce back to the upside targets marked by the Fib extension levels. The 38.2% extension is in line with the mid-channel area of interest at $475 and the 50% extension is slightly above it at $480. The 61.8% extension lines up with the swing high around $485 and the 78.6% extension is around the channel top at $490. The full extension is at the $500 major psychological level.

RSI is already indicating oversold conditions or that sellers are feeling exhausted and ready to let bulls take over. Similarly, stochastic has reached the oversold region and looks ready to turn higher, so Ethereum might follow suit.

Cryptocurrencies have had a good run for the first half of the week as the positive sentiment from the previous one has carried on. However, profit-taking came into play on a number of factors, including the SEC decision on the bitcoin ETF and the expiry of CME bitcoin futures that may have spurred pullbacks in the industry.

Besides, the dollar has been able to flex some muscle on positive expectations for the advance Q2 GDP release this week. Trump hinted that it could come in at 4.8% which would be more than twice the previous reading and still significantly higher than market expectations.

Traders have also turned some attention back to traditional markets like stocks and commodities as strong gains were posted on news of the trade truce between the EU and the US. Cryptocurrency investors might now hold out for another set of catalysts to see if the rallies can be sustained.


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Ethereum (ETH) Price Analysis: Short-Term Reversal Pattern

Ethereum might be done with its slide as it formed a small double bottom on the 1-hour chart and broke above the neckline as confirmation. The chart pattern spans around $30 in height so price could still have room to head north.

However, Ethereum also seems to be stalling at current levels and might be due for a pullback. In that case, price could retest the broken neckline around $470 before heading further up.

Then again, the 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. This suggests that sellers might still have the upper hand and push price much lower, possibly back until the bottoms near $440.

RSI has been hovering around overbought levels and might be looking to turn lower soon, reflecting a return in selling pressure. Stochastic already made its way down but is pulling back up again to signal that buyers are still putting up a fight.

Cryptocurrencies have been on more solid footing recently but it appears that bitcoin has taken most of the gains versus its peers. After all, the spotlight is now on the SEC decision on the bitcoin ETF on SolidX and approval could bring gains, although the impact on other altcoins like Ethereum remains to be seen.

Meanwhile, traders appear hesitant to buy up the dollar, despite strong data and Fed tightening prospects. For one, the uncertainty stemming from the Trump administration and the likelihood of trade tensions kicking back into high gear have been weighing on the currency. Apart from that, traders appear to be in the mood for more risk or higher yielding assets like stocks and commodities.

Looking ahead, market sentiment could continue to influence Ethereum direction, as the lack of negative industry updates could allow the rallies to be extended.


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Ethereum (ETH) Price Analysis: Next Upside Targets

Ethereum is trading inside an ascending channel on its 4-hour time frame and has just bounced off the bottom. If the uptrend is set to resume from here, the Fibonacci extension tool shows the next potential upside targets.

The 38.2% level is closely in line with the mid-channel area of interest at $480 while the 50% level is slightly above it at $488. Stronger bullish pressure could take it up to the 61.8% extension at the $500 major psychological resistance or the top of the channel at the 78.6% extension. The full extension is at $536.67.

The 100 SMA is below the longer-term 200 SMA for now, though, so the path of least resistance is to the downside. This suggests that the selloff still has a chance at resuming. However, the gap between the two has narrowed significantly to signal weakening bearish pressure and a possible crossover. If that’s the case, more buying momentum could kick in and sustain the climb.

RSI is heading higher so Ethereum might follow suit. Stochastic seems to be topping out, though, and heading back down could reflect a pickup in bearish pressure. Another test of support could ensue, but a break below the swing low could mark a reversal from the uptrend.

Cryptocurrencies like Ethereum were off on a good run in the previous week, buoyed mostly by institutional interest and buyers not wanting to get left behind in the recent rallies. Sentiment was also positive as regulatory updates were seen as opportunities to increase security in the industry.

This coming week should be a test of whether or not the positive sentiment could be maintained. Recall that Ethereum and its peers started off on a strong note for the month but most of the gains were returned on negative commentary from well-known economists the following week.

This goes to show how recent price moves are driven mostly by sentiment and headlines, so it’s best to keep close tabs on how the next news cycle turns out.


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Ethereum (ETH) Price Analysis: Slow But Steady Rise

Ethereum has formed higher lows and higher highs since breaking out of a reversal pattern, indicating that bulls are gaining traction. Price hit the channel resistance and may be due for a pullback to support.

Applying the Fibonacci retracement tool shows that the 61.8% level is closest to the bottom of the channal around $440. This is also close to the 200 SMA dynamic inflection point, which adds to its strength as support.

On the subject of moving averages, the 100 SMA is above the longer-term 200 SMA on this time frame to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse. The 100 SMA is in line with the 50% Fibonacci retracement level and might also hold as a floor at the mid-channel area of interest.

RSI is already indicating oversold conditions on this chart, so bulls could be eager to return. Stochastic has also reached oversold territory and could be due to turn higher, allowing Ethereum price to follow suit.

In that case, another test of the swing high could take place. Stronger bullish momentum. could take price to the channel resistance closer to $520 or higher, spurring a steeper climb. A break below the $440 area, on the other hand, could force the selloff to resume.

Cryptocurrencies have been on slightly better footing this week after completing technical breaks of key levels and taking advantage of improved sentiment in the financial markets. Trade tensions appear to be easing as market watchers turn their attention back to fundamentals.

Also, earlier this week, it has been reported that institutional interest is picking up with big hedge funds looking into investment opportunities in the space. Add to that a degree of FOMO in the markets and cryptocurrencies like Ethereum have been able to sustain gains so far.