Ethereum Price Analysis: The Hunt for a Definitive Bottom
Ethereum is on the hunt for a definitive bottom as it spends another day constrained within two ranges that is $91 and $87. We have seen this before in early October, this was just before a 60% crash. It must be noted that there are two fundamental drivers to watch out for:
- 17th January: Ethereum Hardfork
- Middle of January 2019: Ethereum 2.0 Upgrade for faster transaction speeds and a change from mining to staking.
What do the charts say?
- Ethereum at the time of charting is making a pivotal move, currently on the higher time frames trading just below the 15MA and the decline trend line, a break above $92.10 would see the gaps at $93 and $98 filled.
- The lower time frames prove that the above may surely happen as accumulation is currently increasing with market sentiment up by 1% on the day so far.
- RSI Stochastic is gearing up for a break past $92.10
- MACD illustrating that with buy-side volume we may not see below $90 during the London and New York trading hours.
- A touch of the trend line as historically been shown by Nouvive Intelligence leads to a 9% drop in Ethereum, this could see it go to $82.
- The support during the entire day yesterday of $87 will be re-tested again looking for a bottom as several volume gaps need to be filled there.
Nouvive Says: If ETH is unable to break past $92, rather just re-testing it, we could see a fall during the day to $87 to fill the volume gaps there. It is more than likely that during the course of the week we could see a further 9% drop in the value of ETH that leads to a $82 value.
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