• Cryptocurrencies: 2073
  • Markets: 16056
  • Market Cap: $102092473927.22
  • 24h Vol: $9726048986.5383

ETH Price Forecast: Red Day

  • ETH has been making strides daily to show higher highs, but there has been no higher lows, each day the price remains where it started.
  • ETH positively correlated to Bitcoin at 0.81. BTC appears to be making a Red Day Today.
  • Ethereum to close the day -2% down on the day?

The past one month since the two CME/CBOE closures, we have seen both BTC and Ethereum flirt within two ranges. During this same period of time we have seen ALTs pop from August, with a few popping from June 15th Onwards at the earliest.

Nonetheless, there are always two possibilities in trading, a pop up or a pop down. Nouvive using Market Sentiment data collected on the Nouvive platform, we have deduced that Ethereum is in a rocky situation, ending the week below $200.

Prudent investors also have to understand that there is a high chance that a black swan event may happen with Tether again – seeing Ethereum reach Yearly Lows of $169 again if Tether and Bitfinex is indeed insolvent.

Bullish View: 

  • Ethereum will re-set itself at the $202 area, potentially $201.50 as the flash crash happened yesterday.
  • Gaps above $206 have to be filled
  • The day has just started, ETH could continue its historical swings of a Higher High today, ending just above $208.
  • Flash crash that occurred on the 17th October was just a stop run for a higher high. 

Bearish View: 

  • Gaps to be filled a $198.
  • Yesterday, 17th October, a dump was rejected at $201.50, this could perhaps not be stopped today.
  • T/A or Technical analysis has revealed that there is a double top on the higher time frames.
  • RSI Stochastic has crossed over at its current position of $203, meaning that a dump to the 0.5 Fibonnaci at $198 is entirely possible.
  • 0.5 Fibonacci is currently wear the double top of the 15th October was at $196-198.
  • Decreasing volume, volume that does exist is heavy sell side pressure.
  • Lower hourly time frames illustrates a triple top.

Provided by Trading View

All of these collated explains that we will probabilistic speaking see a Dump fo Ethereum to between $196-198, especially as a result of the technical analysis that is heavily in their favour. No F/A can be explained for a Pump. Two notable events – Tether/Bitfinex fear & Uncertainty could spark a dump.

If Ethereum does not dump past $201.50, get ready for a reload to $207, always increasing stops in profits with a first stop loss at $200.65. 

A prudent investor should short from between $203.85 to $204.65, with a stop loss at $205.20, increasing stop losses in profit and a take profit at $196 for the first TP and a second TP at $191.

 

 

Nouvive: Home of Crypto Beginners, Traders & Investors. Nouvive provides Cryptocurrency trading news, Analysis and indicators for beginners, traders and investors.

Information on these pages contain speculative statements that involves risks and uncertainties. Crypto-Assets profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell. Nouvive does not in any way guarantee that this information is free from mistakes, errors or material misstatements. It does also not guarantee that this information is of a timely nature. Crypto-Assets involve risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing or trading are your responsibility alone. For more information, please view the Risk Warning Below.

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ViFeed Indicators

Bitcoin (BTC)
$3237.19
45.00 RSI
-0.55%
Hold
XRP (XRP)
$0.29
49.00 RSI
-1.53%
Hold
Ethereum (ETH)
$84.28
54.00 RSI
-0.36%
Hold
Tether (USDT)
$1.01
46.00 RSI
0.28%
Hold
Stellar (XLM)
$0.1
56.00 RSI
-2.77%
Hold
EOS (EOS)
$1.89
47.00 RSI
2.92%
Hold
Litecoin (LTC)
$23.83
48.00 RSI
1.61%
Hold
Bitcoin Cash (BCH)
$77.63
42.00 RSI
-3.36%
Buy
Bitcoin SV (BSV)
$67.46
51.00 RSI
-4.73%
Hold
TRON (TRX)
$0.01
35.00 RSI
-0.48%
Buy
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