Ethereum, like most of its peers, has incurred a slight amount of selling pressure today that has led it to decline from highs of just under $200 that were set yesterday. This tempered move lower comes as the crypto is caught within a firm mid-term uptrend.
It does appear that this uptrend may be short-lived, however, as analysts are now widely pointing to the existence of a massive rising wedge pattern that it is currently caught within, as a bearish resolution to this pattern could lead to significant losses.
This also coincides with bearishness flashed by ETH against its Bitcoin trading pair, and the confluence of its weakness across its two major trading pairs signals downside is imminent.
Ethereum Drifts Lower as Weakness Against Bitcoin Grows
At the time of writing, Ethereum is trading down over 1% at its current price of $193.70, marking a slight decline from daily highs of nearly $200 that were set yesterday.
ETH is also showing some weakness against its Bitcoin trading pair, currently trading down over 2% as the benchmark crypto remains stable just below its daily highs of $7,800.
Analysts are now noting that they anticipate Ethereum to show further weakness against its Bitcoin trading pair, as the resistance that exists just above its current price at 0.026 BTC may be enough to catalyze a significant decline.
One trader mused this possibility in a recent tweet, pointing to this resistance in a chart while offering a near-term downside target at roughly 0.0235 BTC.
Image Courtesy of Mac
He related this chart to a previous tweet of his in which he noted that he anticipated Bitcoin to outperform the aggregated market in the near-term, leading cryptocurrencies like Ethereum to see some weakness.
ETH Establishes Highly Bearish Technical Pattern that Could Lead to Serious Losses
This isn’t the only factor currently counting against Ethereum’s favor, as it also recently formed a highly bearish technical formation that could lead significantly lower against USD.
Analysts have been widely pointing to this rising wedge pattern over the past few hours, with one offering a chart showing a near-term downside target at roughly $160 if it posts a confirmed breakdown of this pattern.
Image Courtesy of CryptoBirb
Because of ETH’s weakness against BTC, it is a strong possibility that this movement will come about independent of Bitcoin seeing any downside.
It is also possible, however, that this present technical weakness will be magnified if BTC is rejected at $7,800.
Featured image from Unplash. origin »
Ethereum has been caught in a parabolic uptrend throughout the past several weeks, and its momentum isn’t showing any signs of slowing down.
The post This data suggests Ethereum’s intense uptrend may stall as it reaches $450 appeared first on CryptoSlate.
Ethereum has been caught within the throes of immense bearishness over the past couple of days, with sellers leading the cryptocurrency to underperform Bitcoin is it smashes through key support level that had been developed throughout the course of its intense 2020 uptrend.
Ethereum has had a bullish start to 2018. It has reclaimed its position as the largest altcoin by market cap after outperforming and overtaking Ripple’s XRP. Price action has been trading in a steep uptrend.
XRP / USD Daily Chart: Ripple’s XRP has moved down in the cryptocurrency rankings as Ethereum’s cryptocurrency ether reclaims the position of the largest altcoin by market cap. While XRP had strongly outperformed ether during declining market conditions, ether has been recording extremely bullish movements trading in a steep uptrend.
Key Highlights ETH price surged higher and broke the $115 and $125 resistance levels against the US Dollar. There is a major bullish trend line formed with support at $114 on the 4-hours chart of ETH/USD (data feed via Kraken).
Supply levels: $121, $131, $151 Demand levels: $109, $98, $82 ETH/USD Medium-term Trend: Bullish On the medium-term outlook, ETH/USD is in an uptrend. ETH bottomed at $82 demand level on December 15 due to bears’ momentum.
Key Highlights ETH price extended upsides and traded above the $114-116 resistance area against the US Dollar. This week’s followed major bullish trend line is intact with support at $106 on the hourly chart of ETH/USD (data feed via Kraken).
Key Highlights ETH price traded further higher and traded as high as $107. 81 before correcting lower against the US Dollar. Yesterday’s highlighted key bullish trend line acted as a support at $98 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin recently made a strong rally, enough to break past the neckline of its double bottom at $3,600 to $3,700. This confirms that an uptrend is underway, but only if buyers can be able to keep price above the area of interest.
Key Highlights ETH price gained pace and broke the $97 and $99 resistance levels against the US Dollar. There is a connecting bullish trend line formed with support at $97 on the hourly chart of ETH/USD (data feed via Kraken).
Litecoin price started a solid bullish wave and moved above $26. 00. LTC performed really well and overpowered gains in bitcoin, Ethereum and other major altcoins. Key Talking Points Litecoin price gained pace recently and broke the $26.
It is somewhat refreshing and surprising to see multiple cryptocurrency markets go in the green all of a sudden. This is primarily because the Bitcoin value is still down by nearly $32 at this point.
It has been a very difficult year for Bitcoin and all other cryptocurrencies. Ethereum, while once considered a rival to Bitcoin’s market cap, has lost over 90% of its all-time high as well.
Bitcoin broke out of its descending channel on the 1-hour time frame to signal that a reversal is due. Price also moved past its double bottom to confirm that an uptrend is underway, but resistance around the $4,400 level held.
As all major cryptocurrencies and digital asset are on the rise right now, one has to wonder how things will move ahead. In the case of XRP, its current uptrend is in line with Bitcoin and Ethereum.
Although most people are mesmerized by the Bitcoin Cash spectacle, there are other developments to keep an eye on. Slowly but surely the XRP keeps inching closer toward that $0. 5 goal once again.
Ripple price rallied this week and broke key resistances at $0. 4750 and $0. 4950 against the US Dollar. XRP/USD remains well bid on the downside around $0. 5000. Key Talking Points Ripple price traded above the $0.
Supply levels: $216, $218, $222 Demand levels: $211, $207, $205 ETH/USD Medium-term Trend: Bullish Ethereum is bullish on the medium-term. The cryptocurrency consolidated yesterday after the sudden uptrend movement scenario that happened on November 4th, when there was a bullish engulfing candle formation at the demand level of $201, the ETH price rallied to the […]
The post Ethereum (ETH) Price Analysis | November 6 appeared first on ZyCrypto.
Litecoin price is placed in an uptrend above the $52. 00 support against the US Dollar. LTC/USD could bounce back soon above the $54. 00 and $55. 00 resistances. Key Talking Points Litecoin price corrected lower after trading as high as $55.
It would appear most of the top cryptocurrencies – except for Bitcoin, Ethereum, and Litecoin – are going through a very positive spell right now. In the case of Cardano, its value has been on the rise for several hours now.
Bitcoin has formed higher highs and higher lows to trade inside an ascending channel on its 4-hour chart. Price is down to support and may be attempting to break lower. In that case, a reversal from the uptrend might be seen.
Even though most of the top cryptocurrency markets are still in the red right now, it is interesting to see how some currencies still note solid gains. Waltonchain is going through a nice uptrend at this time, primarily because of its gains over both Bitcoin and Ethereum alike.
Bitcoin is still trading inside its descending triangle on the 4-hour time frame and consolidating just below resistance. A break past the $6,500 resistance could be enough to confirm that bulls have won over and that a longer-term uptrend is underway.
Bitcoin was previously consolidating inside a symmetrical triangle and has just recently broken to the upside to signal that an uptrend may be underway. Price also seems to have completed its retest of the broken resistance and may be ready to aim for the next upside targets.
Ethereum was previously trading inside a symmetrical triangle as it formed lower highs and higher lows. Price appears to have broken past the resistance and is starting a new uptrend, which might last by the same height as the triangle.
Ethereum Classic (ETC) like many other altcoins has completed its correction. It is down to Bitcoin (BTC) now to resume its uptrend so the rest of the market can follow. The above weekly chart for ETC/BTC shows that Ethereum Classic (ETC) has finally formed a bottom against Bitcoin (BTC).
Ethereum (ETH) has successfully defended its ascending channel and now resumed its uptrend. The above hourly chart for ETH/USD shows that Ethereum (ETH) touched the bottom of the ascending channel and bounced back before closing the hourly candle.
Key Highlights ETH price is trading with a positive bias above the $220 level against the US Dollar. There is a major bullish trend line formed with support at $224 on the 4-hours chart of ETH/USD (data feed via Kraken).
Ripple price rallied recently and broke the $0. 3120 resistance against the US Dollar. XRP/USD is now placed nicely in a positive zone and it could move past $0. 3400. Key Talking Points Ripple price broke a crucial resistance at $0.
A lot of interesting things are happening in the cryptocurrency world right now. Most of the top currencies face minor setbacks, although the Ethereum price seemingly continues its uptrend which began yesterday.
Following a multi-month downtrend, the price of Ethereum is recovering from yearly lows due to a boost in trading volume in the past 24 hours. Since Wednesday, Ether prices are up 15 percent. Ethereum Recovers Through Tether Trading Pair In the past five days, Ethereum prices began to uptrend as total trading volume across the largest cryptocurrency […]
The post Ethereum Price Increases 15 Percent on over $2 Billion In Trade Volume appeared first on CryptoSlate.
Today is shaping up to be a big day for all major cryptocurrencies. Such an overwhelming sea of green is rather uncommon in 2018. Although it may not be a sign of a major trend reversal just yet, things are improving significantly for the Ethereum price.
Cryptocurrency enthusiasts and speculators will agree things are not looking great. The situation is especially dire for Ethereum, as its value continues to plummet at an alarming rate. The following three Ethereum price charts show there will be more pain prior to any upward momentum.
EOS price railed recently and settled above $6. 00 against the US Dollar. EOS/USD is currently correcting lower, but it remains supported above $6. 00 and $5. 80. Key Talking Points EOS price is placed nicely in a significant uptrend above the $6.
Bitcoin, ethereum, most cryptos are up today as btc takes the lead with an uptrend of sorts seemingly formed in the past two weeks as bitcoin rises from $5,900 to...
The post Ethereum’s Price Nears $300, Bitcoin Overtakes $7,000 appeared first on Trustnodes.
Ethereum (ETH) has entered an ascending channel on the 4H chart for ETH/USD above but the price action appears very weak and likely to break this trend in the near future. RSI analysis for the above chart shows that the price is on the verge of a steep decline which could take place in the coming days.
Bitcoin appears to be forming an inverse head and shoulders pattern on the 1-hour time frame to signal that an uptrend is in the cards.
The post Bitcoin (BTC) Price Analysis: Inverse Head and Shoulders appeared first on Ethereum World News.
The overall cryptocurrency market has struggled to maintain an uptrend since its revival from a multi-month bear market. Following a recent bounce back, Ethereum, Bitcoin and Litecoin have drawn back to prices below key support levels.
Unusual market behavior is nothing new in the cryptocurrency world. Such developments usually affect currencies with a relatively low market cap, rather than the established projects such as Bitcoin or Ethereum.
Ethereum broke above the neckline of a short-term double bottom to signal that an uptrend may be in the works.
The post Ethereum (ETH) Price Analysis: Short-Term Reversal Pattern appeared first on Ethereum World News.
Key Highlights ETH price started a fresh upside move and traded above the $465 and $470 resistances against the US Dollar. There was a break above a major declining channel with resistance at $461 on the hourly chart of ETH/USD (data feed via Kraken).
Ripple price climbed higher recently and settled above $0. 4800 against the US Dollar. XRP/USD is now placed in a nice uptrend with hurdles near $0. 5050 and $0. 5230. Key Talking Points Ripple price recently declined from the monthly high of $0.
Key Highlights Ethereum classic price corrected lower after trading as high as $18. 37 against the US dollar. There is a significant bullish trend line in place with support at $17. 10 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
Yesterday was a very interesting day for all cryptocurrency markets. Bitcoin and altcoins gained a lot of value in quick succession. As is always the case, maintaining this form of momentum will be pretty challenging.
Ethereum is closing above the neckline of its double bottom reversal pattern to indicate that an uptrend is underway.
The post Ethereum (ETH) Price Analysis: Reversal Pattern Confirmation appeared first on Ethereum World News.
Bitcoin broke above the neckline of its inverse head and shoulders formation, indicating that an uptrend is in the cards.
The post Bitcoin (BTC) Price Analysis: Finally a Bullish Break! appeared first on Ethereum World News.
Bitcoin Moves From $6,800 to $7,400 Within 30 Minutes On early Tuesday morning, Bitcoin began a slow uptrend up to the heavily contested $6,800 price level. For those who are unaware, Bitcoin has tested the ~$6,800 level over three times in the past five weeks, leading many analysts to believe that it is an important […]
The post Breaking: Bitcoin [BTC] Surges 10% As Crypto Market Experiences Volume Influx appeared first on Ethereum World News.
Litecoin price started a nice upside move and broke the $80. 00 resistance against the US Dollar. LTC/USD is now in a decent uptrend above the $80. 00 level. Key Talking Points Litecoin price surged higher and broke a major resistance near $80.
Ethereum was trading below a descending trend line and is starting to break higher while creating a new uptrend channel.
The post Ethereum (ETH) Price Analysis: Gearing Up for a Reversal? appeared first on Ethereum World News.
The latest cryptocurrency investment of a US legislator, who bought Ethereum (ETH) when its price dropped below $3,000, is generating headlines. Representative Michael Collins has reportedly taken advantage of the dip by purchasing between $1,000 and $15,000 worth of Ethereum.
Analysts said that two of the biggest cryptocurrencies in the world are riding on the waves of positive sentiments as the exchange-traded funds of Bitcoin and Ethereum reached record highs. The pro-cryptocurrency stance of US President-elect Donald Trump continues to fuel the positive outlook, propelling BTC and ETH to attain unprecedented levels. Related Reading: Operation […]
On Monday, the State of Michigan revealed substantial investments in cryptocurrency exchange-traded funds (ETFs) for Bitcoin and Ethereum in a 13F filing with the US Securities and Exchange Commission (SEC).
For years, Ethereum has established itself as the second-best competitor to Bitcoin regarding technology, innovation, and use cases. If many consider Bitcoin as ‘digital gold,’ Ethereum would be ‘digital silver.
According to veteran trader Peter Brandt, Ethereum might have just seen its future looking brighter. Known for his technical forecasts, Brandt feels the altcoin is on the verge of a bullish turnaround.
On-chain data shows the Ethereum adoption rate has hit a four-month high, which could be bullish for the cryptocurrency’s price. Ethereum Network Growth Has Shot Up Recently According to data from the on-chain analytics firm Santiment, the ETH blockchain has recently created many wallets.
Ethereum (ETH) is currently facing significant selling pressure and fear after a 23% decline, bringing its price down to yearly lows at $2,200. One major concern for investors is the ongoing underperformance of ETH compared to Bitcoin, a trend that has persisted since September 2022.
