Ethereum Price Analysis: Bulls Make Their Move

On Sunday Ethereum price ramped up an amazing 12%+ upside move. Does this mean Feb 5th drop to $100 was the 2019 bottom for Ethereum?
bull ethereum priceAltcoin Price

Eustace Cryptus| Feb 18, 2019 | 02:00


On Sunday Ethereum price ramped up an amazing 12%+ upside move. Does this mean Feb 5th drop to $100 was the 2019 bottom for Ethereum?


Ethereum Price: Market Overview

On Sunday Ethereum (ETH) 00 shifted into beast mode and steamrolled past the $125 and $130 resistance levels and onto new monthly highs. Analysts will probably spend the first few hours of the day trying to explain away what could have fueled such a spectacular move.

Perhaps it was ETH Denver?

Maybe its hype building up to Constantinople 2.0 and the 3rd’ning fast approaching on February 25 – 27?

Possibly ETH bottomed when it touched $80 on December 15 and $100 on February 5th?

Alternatively, it’s possible that bulls are just chasing the money and throwing dosh at whatever chart has the most pleasing technical setup. Regardless of the reason, it’s good to see green on the charts and like a pimply lad at Freshers week, any action is welcome in this bearish environment.

Let’s check the charts and try to break down what happened.

4-Hour Chart

On Sunday Ethereum price topped out at $137.48 which represents about a 12.5% move and the supposed king of altcoins also managed to cross above the 200MA for the first time in months. Moreover, the 50 MA and 200MA also crossed and for the first time in a while.

ETH is looking better situated on the daily chart but a move above $158 is required to set a more convincing higher high on the weekly chart. Nonetheless, the convergence of these longer-term moving averages could mark a positive turn of events for Ethereum and the altcoin’s mild divergence from BTC price action is also encouraging in the same way that LTC was the lead bull over the past two weeks.

At the moment it appears that ETH needs to take a breather and recuperate as the current really looks extended with the RSI and Stoch in overbought territory. There’s a clear bullish cross on the MACD and over the past 24-hours trading volume leaped 25% to a daily volume of $3.5 billion. Even though ETH price looks set to pull back a bit it is well above the bullish trendline with support near $125.

ETH-USD Longs Chart

ETH-USD Longs Chart

ETH-USD Longs have reached a new all-time high compared ETH-USD shorts, which are now below their December 2018 low and it seems ETH is trying to set up for a longer play at $145 to $163 followed by $180.

While all that is fantastically exciting, we all know by now that any sharp downward move from BTC can wreck the party and quickly bring ETH back to 2018 and 2019 lows. So while the technical setup looks attractive, traders must look beyond the ETH chart on the hourly, 4hr, daily and weekly and consider BTC-USD and BTC-ETH price action before making any long plays on the ETH-USD pair.

At the time of publishing, it is a bit too early to tell if Ethereum price is entering consolidation on the hourly chart but traders can watch for a bounce at $132 and depending on the technical setup a purchase at $130 – $133 with sell stop order $1 to $2 dollars below purchase price might allow on to catch the next wave if ETH decided to march toward $140 and above.

More conservative traders can wait to see how ETH reacts as it tests its underlying supports. The altcoin appears well supported above $120 and the most immediate supports are $132, $125, $123, $120.

As always, trade safely my friends!

What do you think ETH will do this week? All comments are welcome!

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

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ETH core developer Afri Schoedon quits social media

Ethereum core developer Afri Schoedon took to Twitter today to announce that he will no longer respond on Gitter, Skype, Discord, Slack, Wire, Twitter …

Ethereum core developer Afri Schoedon took to Twitter today to announce that he will no longer respond on Gitter, Skype, Discord, Slack, Wire, Twitter and Reddit.

Due to the ongoing online criticism directed at his person, the Ethereum core developer Afri Schoedon decided to take a step back from all social media channels.

Until further notice, you can reach me via might-not-reply@5chdn.co, on Telegram using changing handles, and on Parity’s Riot/Github. I will no longer respond on Gitter, Skype, Discord, Slack, Wire, Twitter, and Reddit.

— Afri (@5chdn) February 17, 2019

Hudson Jameson, from the Ethereum foundation and co-founder at Oaken Innovations, tweeted to his 12K followers that he was very dissapointed in the Ethereum community, blaming them for chasing away ‘one of our best contributors for the dumbest reasons’.

I’m so angry and disappointed in the Ethereum community. You ran out one of our best contributors for the dumbest reasons. More people should have spoken up in support and there needs to be less vitriol. https://t.co/eClG1q1f9N

— Hudson Jameson (@hudsonjameson) February 17, 2019

Afri Schoedon’s made a remark on Twitter, where he compared Ethereum scaling technology Serenity and blockchain interoperability protocol Polkadot.

‘Polkadot delivers what Serenity ought to be’, he said.

The tweet has since then been deleted, as are all of his other messages since July 2017, except for the two he posted explaining his future absence from social media.

Clearly the Ethereum community wasn’t very pleased with his statement, calling him out as the ‘judas’ of Ethereum on Twitter and Reddit, and claiming that there is a ‘conflict of interest.’

It occured back to me that there is an obvious conflict of interest in your position, (even if rightfully) delaying Ethereum, but working for polkadot.

In the light of that, this tweet boasting polkadot’s progress and critisizing ethereum’s speed seems particularly unfortunate.

— Andras Kristof (@kristof_cc) February 14, 2019

The Ethereum Classic Cooperative Yaz Khoury, came to the defence of Afri Schoedon by stating that this mob behavior against Afri and ParityTech is the result of toxic tribalism that has been haunting the cryptocurrency space for a long time.

This mob behavior against Afri and @ParityTech is the result of toxic tribalism that haunted the space for a long time.

Ethereum is a technology with many implementations and visions: Main network, Classic network, Polka Dot, and ETH 2.0

The diversity of networks is powerful.

— Yaz Khoury (@Yazanator) February 18, 2019

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Ethereum Price Analysis: ETH Rallies Above Key Resistance, Next Target $145

Ethereum price is gaining strength above key levels against the US Dollar and bitcoin. ETH/USD is placed nicely above $130 and it could accelerate …

  • ETH price gained strength above the $125 and $130 resistance levels against the US Dollar.
  • There was a proper close above the $130 resistance level and the 100 hourly simple moving average.
  • There is a key bullish trend line in place with support at $128 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price is likely to continue higher and the next targets for buyers could be $140 and $145.

Ethereum price is gaining strength above key levels against the US Dollar and bitcoin. ETH/USD is placed nicely above $130 and it could accelerate towards $145 in the near term.

Ethereum Price Analysis

In the past few sessions, there was a solid upward move from the $120 swing low in ETH price against the US Dollar. The ETH/USD pair gained strength and broke many important resistances such as $125 and $130. There was a proper close above the $130 resistance level and the 100 hourly simple moving average. Recently, there was a tiny bearish reaction from the $130 resistance, but the $124 level acted as a solid support. The price rallied and broke the $130 and $132 resistances. A new monthly high was formed near $135, with bullish moves.

After testing the $135 resistance, there was a minor downside correction. ETH dipped below the $133 level, but the $132 level acted as a support. Moreover, the 23.6% Fib retracement level of the recent wave from the $123 low to $135 high acted as a support. On the downside, there seems be a lot of supports forming near the $130 and $129 levels. Besides, the 50% Fib retracement level of the recent wave from the $123 low to $135 high is also near the $129 level.

More importantly, there is a key bullish trend line in place with support at $128 on the hourly chart of ETH/USD. Therefore, if the pair corrects lower in the short term, there could be a strong buying interest near the $129 and $130 levels.

Ethereum Price Analysis ETH Chart

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is gaining strength above the $132 resistance levels. It will most likely break the $135 level and extend gains in the coming sessions. The next target for buyers could be $140, followed by the $145 pivot level. On the downside, the main support is near $130, below which the price may perhaps test the $125 support zone.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is placed heavily in the bullish zone, with a positive bias.

Hourly RSIThe RSI for ETH/USD is currently near the overbought levels, with no major correction signal.

Major Support Level – $132, followed by $130

Major Resistance Level – $135 and $140

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Ethereum developer goes into self social media exile after conflict

Afri Scheodon is among the core developers at the Ethereum blockchain and he has been under attack on the social media this weekend over a not …

Afri Scheodon is among the core developers at the Ethereum blockchain and he has been under attack on the social media this weekend over a not so lightly taken comment.

Scheodon commented on Twitter past Thursday that he believes the latest blockchain protocol release Pokadot is delivering the results that the latest Ethereum upgrade Serenity must have provided to its respective blockchain.

Ethereum lovers, however, did not take this likely and started calling out the developer disappointed in the creation, he, himself is an integral part of, forcing him into a self-exile from social media. Twitterati and Redditors believe that his comments stands as a proof of “conflict of interest” since he is on the Ethereum core development team since late 2017.

On the other hand, Scheodon not only deleted his Twitter comment along with the comment that he was only trying to put his thoughts up for discussion instead of creating a controversy. This lead to Scheodon clearing his tweets from as far as June 2017 and announcing that he would be leaving social media.

In his tweet, he expressed that he would be unavailable from Twitter, Slack, Wire, Discord and Skype among the major social media platforms along with Reddit and Gitter.

Until further notice, you can reach me via might-not-reply@5chdn.co, on Telegram using changing handles, and on Parity’s Riot/Github. I will no longer respond on Gitter, Skype, Discord, Slack, Wire, Twitter, and Reddit.

— Afri (@5chdn) February 17, 2019

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Ethereum Core Developer Quits Social Media Over ‘Conflict of Interest’ Attacks

Having contributed to the ethereum codebase since September 2017, the comments have inspired responses from other developers who are …

Ethereum core developer Afri Schoedon is taking a step back from social media due to an onslaught of online criticism.

Tweeting Sunday that he will “no longer respond on Gitter, Skype, Discord, Slack, Wire, Twitter and Reddit,” Schoedon said that for the foreseeable future he would no longer answer contribution requests or general technical questions directly from the public.

Having contributed to the ethereum codebase since September 2017, the comments have inspired responses from other developers who are outraged over the actions that led to his decision.

“I’m so angry and disappointed in the Ethereum community. You ran out one of our best contributors for the dumbest reasons. More people should have spoken up in support and there needs to be less vitriol,” stated community relations manager for the Ethereum Foundation Hudson Jameson on Twitter.

The comments follow Schoedon’s frank remarks Thursday in which he compared ethereum scaling technology Serenity and blockchain interoperability protocol Polkadot.

He stated on Twitter that “Polkadot delivers what Serenity ought to be.”

Taken by some as a targeted attack against ethereum that undermines the blockchain platform’s value, Schoedon was called out on Twitter and Reddit for what some perceived as a “conflict of interest.”

Schoedon is the release manager for an ethereum software client managed by blockchain startup Parity, the company concurrently building Polkadot. Denying allegations of any malicious intent, Schoedon tweeted on Friday: “I want to clarify that I put out this tweet to stir discussion, not to cement a narrative.”

All tweets by Schoedon since June 2017 have now been deleted, save for the two he posted Sunday explaining his future absence from most public forums.

Since then, director of developer relations for the Ethereum Classic Cooperative Yaz Khoury warned on Twitter that “this mob behavior against Afri and Parity [Technologies] is the result of toxic tribalism,” adding:

“Ethereum is a technology with many implementations and visions … The diversity of networks is powerful.”

Ethereum image via CoinDesk archives

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