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Ethereum price prediction: Set to test descending channel support near $ 260

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  • Ethereum wavers in descending channel, bias remains bearish near-term.
  • Upside attempts capped by a cluster of resistances near 270/271 region.

The second most favorite cryptocurrency keeps its weekend bearish bias intact, having lost about 2% over the last 24 hours, as the bears continue to guard the key 270 level amid a broader market sell-off. The No. 2 digital currency market value, stand at a market capitalization of $ 28.55 billion.

In the day ahead, the ETH/USD pair looks poised to test the 260-support area, as observed in the hourly chart that shows prices maintaining its range in a descending channel. Overall, the coin is trending lower amid moderate volatility, with the upside attempts unable to clear the stiff hurdles placed 270 region, where the descending channel resistance and downward sloping 21-hourly Simple moving average (HMA) coincide.

Hence, the lower targets at the bottom of the channel near 260 levels appear more likely to be tested, with the hourly Relative Strength Index (RSI) inching lower from the overbought territory.

Only a heavy rush of sellers or buyers will determine a breakout in either direction, until then the prices will continue to wave in a $ 10 range, with the immediate bias shifting in the favor of the bears.

ETH/USD, 1-hour chart

Levels to watch

ETH/USD

OVERVIEW
Today last price265.37
Today Daily Change-3.38
Today Daily Change %-1.26
Today daily open268.75
TRENDS
Daily SMA20297.36
Daily SMA50277.06
Daily SMA100231.66
Daily SMA200181.65
LEVELS
Previous Daily High275.52
Previous Daily Low261.54
Previous Weekly High318.46
Previous Weekly Low262
Previous Monthly High363.54
Previous Monthly Low226.48
Daily Fibonacci 38.2%266.88
Daily Fibonacci 61.8%270.18
Daily Pivot Point S1261.68
Daily Pivot Point S2254.62
Daily Pivot Point S3247.7
Daily Pivot Point R1275.67
Daily Pivot Point R2282.59
Daily Pivot Point R3289.66

source:.fxstreet.

Ethereum

Ethereum’s Bearish Wave Count Outlined by Cryptocurrency Analyst

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Ethereum is the second-largest cryptocurrency when ranked by its market capitalization. It made headlines on Monday when its co-founder was spotted in the company of several Chinese investors and internet moguls. This could have been the reason for a nearly 10 percent increase in the price of the altcoin.

However, despite this price spike, Ethereum has been on a downward trend for the prior 110 days.

Crypto trader @smartcontracter pointed out that the Ethereum four-hour chart looks bearish while outlining a possible downward path for the price.

According to him, the price is ready to make a downward move towards $170.

While the short-term wave count seems correct, we want to look at the longer-term price action to decide the Ethereum price outlook and find a target for the end of the downward move.

Ethereum Wave Count

Looking at the price movement since Ethereum reached a low of $83 on December 7, 2018, we believe the ETH price has finished a five-wave upward move when it reached a high of $363 on June 26, 2019.

BTC Price

Since then, the Ethereum price has been trading inside of a descending wedge. The descending wedge is a bullish pattern, making a price breakout more likely. While inside its confines, ETH has either finished the final corrective C-wave or is very close to doing so.

However, it is also right at the resistance line of the pattern. Therefore, even though the wedge is a bullish pattern, we could definitely see an extension of the downward leg towards the support area if the price does not break out immediately.

Moving Averages

When we look at the daily moving averages (MAs), the possibility of a breakout is greatly reduced.

The 100- and 200-day MAs have just made a bearish cross and are providing close resistance to the price.

A bullish cross between the two MAs occurred in May and preceded an increase of more than 100 percent.

The current bearish cross could very well be a precursor to a similar decrease. However, due to the support area outlined near $160 and the projected end of the wedge, we do not believe this decrease will have the same magnitude.

What Will Happen?

Looking at the four-hour chart to which @smartcontracter alluded to, we can see a short-term ascending support line. Combining it with the descending resistance line from the wedge, we get a symmetrical triangle which is projected to end in two days.

ETH Price

A decisive move should occur by that time.

Based on our long-term analysis, we agree with the statement made by @smartcontracter that the price is likely to initiate a downward move.

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Ethereum

Ethereum’s price may be hit by a breach of the ascending channel

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Ethereum noted a fall of 9.40% in the month of September, pulling the value of the coin from $204.80 to $185.54. However, October provided some relief after the price noted a rise of 9.82%, taking the price from $172.16 to $189.14. The second largest coin in the cryptocurrency market currently stands priced at $184.82, with a market cap of $19.98 billion.

However, the long-term chart has predicted that the rise could only be momentary and that the coin might note a fall.

Daily ETH chart

Source: ETH/USD on TradingView

Source: ETH/USD on TradingView

The daily chart for Ethereum suggested the formation of an ascending channel. This channel, characterized by two upward sloping lines, marked the higher highs at $177.12, $183.85, and $200.98 and higher lows at $152.04, $168.56, and $176.51. According to the nature of the formed pattern, a breakout towards the downside may take place with its breach.

The moving average 50 lay under the moving average 100 for the 62nd consecutive day. The averages rested above the candlesticks, indicating a highly bearish market. Even though the MACD indicator suggests a bullish market, the reduced momentum implies that a reversal of trend could be possible.

Conclusion

The long-term chart for Ethereum points at a devaluation in the value of the coin, as it breaches out of the ascending channel.

Source:ambcrypto

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Ethereum

Ethereum (ETH) Breaks Range Resistance But Bitcoin Still Struggling

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  • Ethereum price climbed above the key $185 resistance area against the US Dollar.
  • Bitcoin price is still struggling to recover and is facing a strong resistance near $8,400.
  • There was a break above a major bearish trend line with resistance near $183 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently consolidating above $185 and it could rise towards $192 or $195.

Ethereum price is showing positive signs versus the US Dollar and bitcoin. ETH price must stay above $185 to continue higher in the near term.

Ethereum Price Analysis

Yesterday, we saw range moves in Ethereum above the $175 and $178 supports against the US Dollar. Finally, the price formed a support base above $180 and later managed to climb higher. It surpassed the $185 resistance area to start the current recovery. Moreover, there was a close above the $185 level and the 100 hourly simple moving average.

During the rise, there was a break above a major bearish trend line with resistance near $183 on the hourly chart of ETH/USD. The pair tested the $188 area and it is currently correcting gains. At the moment, the price is trading below the 23.6% Fib retracement level of the recent wave from the $180 swing low to $188 high. On the downside, there is a strong support forming near the $185 level (the previous resistance).

Moreover, the 50% Fib retracement level of the recent wave from the $180 swing low to $188 high is also positioned near the $185 level. The next key support is near the $184 level and the 100 hourly simple moving average. If there is a downside break and close below the $184 support area, Ethereum price could move back into a bearish zone. In the mentioned case, the price is likely to revisit the $178 support.

On the upside, the $188 level is an initial hurdle for the bulls. A successful break above the $188 level could push the price towards the $192 resistance. Any further upsides may perhaps call for a push towards the $195 resistance area.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is showing positive signs above the $185 level, while bitcoin is still facing a strong resistance near $8,400. As long as ETH is above $184, there are chances of more gains in the near term. The bulls are likely to target $192 or $195. Conversely, the price could revisit $178 if it breaks $184.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.

Major Support Level – $184

Major Resistance Level – $192

Source:newsbtc

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