Ethereum has been stuck below its near-term resistance level at $190 for the past several weeks, and both ETH’s bulls and bears have been deadlocked as they hold the cryptocurrency steady within the mid-$180 region.
This bout of sideways trading may soon be coming to an end, however, as analysts are now noting that ETH’s Bollinger Bands are currently squeezing, which means that a massive price movement could be imminent.
Ethereum Stuck in $180 Range as Resistance Holds Strong
At the time of writing, Ethereum is trading down 1% at its current price of $185.70, which marks a slight retrace from its daily highs of $190 that were set yesterday in a brief upwards movement that ultimately resulted in another rejection at this resistance level.
Currently, ETH is trading its lowest price seen over the past 24-hours, but it is nearing a region where it has consistently found decent buying pressure, meaning that it may be able to hold steady above this level in the near-term assuming that there is no major Bitcoin movement that guides the aggregated markets.
Bitcoin has been contributing to ETH’s bout of sideways trading, as it has been caught around $8,700 for the past several days after being rejected from the lower-$9,000 region earlier this week.
A Big ETH Movement Could Be Inbound in Near-Future
Ethereum’s Bollinger Bands are currently incredibly tight, which could signal that a massive price movement is imminent.
RJ, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that November has also historically been a month of tremendous volatility for the cryptocurrency.
“$ETH / USD: November squeeze, one of the biggest we’ve ever seen: BBW grinding the bottom for almost two months now. Nov ’17 – Start of the bullrun, $280 –> $1400. Nov ’18 – Start of the capitulation, $230 –> $80. Nov ’19 – ?” he noted while pointing to the below chart.
$ETH / USD
November squeeze, one of the biggest we’ve ever seen
BBW grinding…
