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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?

Bullish

  • 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.

Bearish

  • 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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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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