2019-3-5 13:29 |
Long-Term Outlook Ethereum Weekly Logarithmic Chart – Source: Tradingview.com
A look at the Weekly chart in logarithmic form for Ethereum shows that the price hit the major resistance area near $170, coinciding with the 21-period moving average and got pushed back
It created a bearish inverted hammer, followed by two small bearish candles. It is currently at $142.
The main support area is found near $85, with another one being near $65.
The price is trading below the 21 and 50-period moving averages and the Ichimoku cloud.
The RSI is at $38, indicating neither overbought nor oversold conditions.
The MACD has made a bullish cross and is moving upward, but is not positive yet.
Medium-Term Outlook Ethereum 3-Day Chart – Source: Tradingview.comA look at the 3-day chart shows that the price is potentially following an ascending support line, which has however only been validated twice.
We can also see that when price made the double top at $160, the RSI was at a higher level than the first top, indicating that there is buying power present.
However, the price faced close resistance from the edge of the Ichimoku cloud.
Furthermore, the 21-period moving average was close to making a bullish cross, but was rejected and is now falling down.
Also, the MACD was close to turning into positive territory but struggled to break out above 0.
Ethereum Daily Chart – Source: Tradingview.comA look at the Daily chart shows us that price is currently slightly above the 0.5 fib line of the entire upward move near $120.
The price has been following the ascending support line for the past 79 days.
Also, we can see that the bearish candle of February 24th occurred on significant volume.
Finally, the MACD has made a bearish cross and is falling, but is not negative yet.
Short-Term Outlook and Price Prediction Ethereum 6-Hour Chart – Source: Tradingview.comA look at the 6-hour chart shows that the drop was preceded by bearish divergence in both the RSI and the MACD.
The price dropped all the way to the 200-period MA, which is currently offering support.
However, the 21 and 50-period moving averages have made a bearish cross and are offering resistance to the price, who has also fallen below the Ichimoku cloud.
ETH Price Prediction:I believe that during this week the price will continue to fall to the support area near $115, right above the ascending support line.
Conclusions: The price has made a double top pattern. The drop was preceded by bearish divergence. The price is trading below most moving averages. Latest Ethereum News:Voila! You Can Redeem BAT- an Ethereum Based Digital Advertising Token at Brands Like Amazon, Starbucks, Uber, and Apple
Ethereum Price Prediction: ETH Failed to Break Above the 21-week Moving Average, Will the Next Attempt Be Successful?
DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Ethereum [ETH] Price Prediction: Will We Break Out Above the Recent $170 High? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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