Ethereum’s Bollinger Bands Signal That a Massive Movement is Imminent

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.

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