- Ethereum witnessed disastrous two weeks of trading after dropping by a steep 22% and falling towards the $146 level.
- The cryptocurrency is trapped within a symmetrical triangle against Bitcoin.
- Ethereum looks to be shaping up for a rebound as the Stochastic RSI is primed for a bullish crossover on both USD and BTC charts.
Key Support & Resistance Levels
Support: $130, $120, $105.
Resistance: $160, $170, $180
Support: 0.020BTC, 0.0195BTC, 0.0190BTC.
Resistance: 0.021BTC, 0.0217BTC, 0.235BTC
ETH/USD – Trapped In A 4-Month Old Descending Channel
The daily chart shows a 4-month descending channel where ETH has been trapped within. It started the month above $180 but failed to break above the resistance provided there by the 100-days EMA.
During mid-November, the cryptocurrency pulled back from these levels and noted a decline of about 25%. ETH plummetted beneath $150 and fell to as low as $135, which coincides with the lower boundary of the descending channel. It has attempted to rebound from there and it currently trades at around $145. The trading volume remains around the average level but it started to show signs of increasing.
Ethereum Short-Term Price Prediction
If the bulls continue pushing ETH higher above the $150 level, resistance can be expected at $160, $170 and $185 (100-day EMA).
Alternatively, if the sellers push the market lower, support is found at $130, $120, and $105. The $105 level has provided strength for the market during February 2019 and is expected to provide equal support moving forward.
The reason why Ethereum might be on the cusp of a revival is that the Stochastic RSI recently produced a bullish crossover signal in oversold territory. If this can follow-through, ETH could rebound higher.
ETH/BTC – Stuck Inside A Symmetrical Triangle
Against Bitcoin, Ethereum has been trapped within a symmetrical triangle for the entire period of November. The cryptocurrency got as high as 0.0218 BTC but met resistance at the upper boundary…