After bottoming out at $168 last week, Ethereum price quickly rebounded and peaked at $184. After trading sideways for a day and testing the $180 support, ETH/USD played a bear trap by dipping to $176 then quickly rebounding to $180. Let’s take a look at today’s Ethereum news and see if the charts tell us anything.
When it comes to Ethereum news, there are no big developments today. The Ethereum community is gearing up for the ETH 2.0 network update and will showcase some of its potential at Devcon in Germany November 19th-20th. The Ethereum Foundation put out a developer experience survey which you can partake in regardless if you’re a developer or not.
Ethereum has been struggling with network congestion for quite some time now and if ETH 2.0 can solve the scalability issue, that will be a huge step for Ethereum and dApps running on the network. Moreover, I wouldn’t be surprised if Ethereum’s price skyrockets once the upgrade fully launches.
ETHEREUM PRICE ANALYSIS
Relative Strength Index: The RSI is currently at 59 points. It recently peaked at 65 which was a result of the rebound from the bear trap. At this point, the RSI will try to stay within range as we’ve seen previously. At the same time since the RSI is leaning on the high side, the market has plenty of strength to make another move.
Bollinger Bands: The price is currently above the upper band. This means that the market will try to retrace in the next few hours. If that doesn’t happen, the deviation of the bands will increase, causing the price to fall within range. It’s really just a game of cat and mouse.
Volume: There is a decent amount of trading volume at the time of writing. With the bear trap behind us I would expect the volume to decrease. However, keep in mind that a new week is starting and if Bitcoin makes any sudden moves, volume will increase.
ETHEREUM PRICE PREDICTION
In my previous Ethereum price prediction, I mentioned how ETH/USD will continue trading sideways but might test $180 a few more times.
“My prediction is that Ethereum will attempt to hold the current support at the $178 level. ETH/USD might touch $180 a few more times, but it’s going to be hard to establish support at that level.”
It looks like ETH only touched $180 once but it did have a hard time holding that support. Ethereum seems to like the $170 level which is where it will stay unless Bitcoin makes any sudden moves.
My prediction is that Ethereum will continue to trade sideways until Bitcoin wakes up. We have a new week ahead of us and crypto markets are ripe, I predict at least a 10% move in the next week.