Ethereum Price Analysis: ETH Loses Daily Uptrend as Big Move Imminent

2019-5-24 10:00

Ethereum price (ETH) is moving but does it have enough ‘umph’ to overcome the $250 resistance?

Ethereum Price Analysis: Market Overview

In mid-May Ethereum mirrored Bitcoin’s parabolic move and similar to Bitcoin, ETH currently trades within a narrowing symmetrical triangle. Over the coming week, traders should expect Ethereum price 00 to make a drastic move.

As many analysts have already pointed out for Bitcoin, symmetrical triangle patterns have typically had a 60% chance of continuation after the asset has advanced approximately 73% of the triangle toward the apex.  

ETH/USD 4-Hr Chart

At the time of writing ETH is pinned under the middle arm of the Bollinger Band indicator and the daily MACD remains in overbought territory and on the verge of a bearish cross. On Thursday, ETH briefly dropped below the 50% Fib retracement level to test the support near $230 and $249 is the most immediate resistance.

1-Hr Chart

As shown on the hourly chart, a move to the overhead descending trendline ($254.29) would meet the neckline of the inverted head and shoulders pattern and also set ETH above a major resistance at $250. Volume has tapered off and ETH tightens up and the possibility of a high volume spike could quickly send ETH back to $260 and above.

Daily Chart

The ETH-BTC pairing has lost the daily uptrend and ETH is on the verge of dropping below the 12 EMA. There is also a bearish divergence on the daily MACD on bear volume is eclipsing purchasing volume.

Ultimately, over the short-term ETH needs to move above the $250 resistance in order to continue toward $260 and above.

Barring a strong upside move from Bitcoin or a bull volume spike for ETH, the altcoin could drop to the lower arm of the tightening triangle, which aligns with the 23.6% Fib retracement level at $237.18.

ETH price is likely to continue trading sideways within the triangle and as it narrows traders can expect a strong move in either direction.

Do you think ETH will recover to overtake $260 in the next 24-hours?

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.

The post Ethereum Price Analysis: ETH Loses Daily Uptrend as Big Move Imminent appeared first on Bitcoinist.com.

origin »

Ethereum (ETH) на Currencies.ru

$ 2740.29 (+0.21%)
Объем 24H $15.792b
Изменеия 24h: 1.31 %, 7d: 3.03 %
Cегодня L: $2708.52 - H: $2764.38
Капитализация $330.374b Rank 2
Цена в час новости $ 249.31 (999.15%)

ethereum price move eth bitcoin analysis daily

ethereum price → Результатов: 126


Фото:

Ethereum’s Price Recovery Of The $4,000 Mark Hinges On This Crucial Support Level

Ethereum‘s bullish expectations in the ongoing cycle continue to be delayed due to heightened volatility across the general crypto market. Despite its struggles to initiate a major price rally, many crypto experts remain optimistic about an upsurge, pointing to key support levels that could spark a rebound for ETH. A Push Back For Ethereum To […]

2025-2-11 14:30


Фото:

Ethereum Whales Keep Buying As Price Struggles – Expert Discloses Massive Accumulation

Ethereum has faced lackluster price action over the past year, significantly underperforming compared to Bitcoin and many altcoins that have surged during the ongoing market cycle. Once seen as the leader of innovation and growth in the crypto space, Ethereum’s slow movement has left many investors frustrated and questioning its short-term potential.

2025-1-26 19:00


Фото:

Ethereum Price Prediction: Inverse Head And Shoulders Pattern Says ETH Will Touch $12,000

The Ethereum price is showing signs of a breakout, as an analyst has identified the formation of an inverse head and shoulder pattern on its 6-month long-term price chart. This bullish formation has fueled predictions that Ethereum could rally to $12,000 soon, marking a new all-time high for the second-largest cryptocurrency by market capitalization.

2024-12-26 14:30


Ethereum Price To Smash Through $5,000, Triggering 400x Bull Run For Shiba Inu And ETFSwap

Investors are optimistic once again as the hope of the Ethereum price rallying to $5,000 hit the crypto market. In a recent report, Ethereum co-creator Vitalik Buterin spoke at length about upcoming solutions to Ethereum’s (ETH) staking, block production issues, and prevent centralization of proof-of-stake to Ethereum L1.

2024-10-30 20:00


BlockDAG Presale Hits $76.2M Mark—While Ethereum Prices Plummet & Litecoin Defies Odds

The drop in Ethereum’s price points to a market walking on eggshells, with sellers taking the upper hand, challenging critical support levels and raising investor concerns. In contrast, Litecoin shows signs of bouncing back, with its price actions hinting at potential yet with a reserved optimism in the volatile crypto market.

2024-9-27 03:00