Ethereum Price Analysis: ETH Remains A Sell Until It Breaks $120

Ethereum price failed to stay in the positive zone against the US Dollar and bitcoin. ETH/USD trimmed most its gains and it is likely heading towards …

  • ETH price tested the $119-120 resistance area and failed to gain strength against the US Dollar.
  • There is a short term declining channel formed with resistance near $118 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently at a risk of more losses as long as it is trading below the $118 and $120 hurdles.

Ethereum price failed to stay in the positive zone against the US Dollar and bitcoin. ETH/USD trimmed most its gains and it is likely heading towards the $114 support level.

Ethereum Price Analysis

Yesterday, we saw a nice upward move above the $114 and $115 resistances in ETH price against the US Dollar. The ETH/USD pair even spiked above the $118 resistance and the 100 hourly simple moving average. However, it failed to break the $120 resistance area. There was also no close above the 61.8% Fib retracement level of the last downside move from the $125 high to $111 swing low. The price started a fresh decline and traded below the $118 level and the 100 hourly SMA.

Moreover, there was a break below the 50% Fib retracement level of the recent wave from the $111 low to $120 swing high. At the outset, there is a short term declining channel formed with resistance near $118 on the hourly chart of ETH/USD. The channel support is at $114, where buyers are likely to emerge. Above $114, the 61.8% Fib retracement level of the recent wave from the $111 low to $120 swing high is a decent support. Below $114, the price could dip towards the $112 and $111 levels.

Ethereum Price Analysis ETH Chart

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is facing a major resistance near the channel, $118, and the 100 hourly simple moving average. A successful break and close above $120 is needed for more gains towards $124 and $127. If buyers fail, the price may continue to move down towards $112.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently placed in the bearish zone, with negative signs.

Hourly RSIThe RSI for ETH/USD is moving lower towards the 35 and 30 levels.

Major Support Level – $114

Major Resistance Level – $118

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Analyst: Recent Bitcoin Price Action May Confirm BTC is Nearing a Long-Term Bottom

At the time of writing, Bitcoin Cash is the best performing major cryptocurrency, as it is currently trading up over 4% at $134. Yesterday, Bitcoin Cash …

Bitcoin (BTC) and the general cryptocurrency markets have stabilized following the recent bout of volatility they experienced this past weekend. Yesterday, however, Bitcoin’s price quickly dropped to lows of $3,550 on the aggregated markets before sharply surging back towards its current levels.

One analyst believes that this drop and surge, albeit relatively small, is the result of a confluence of factors that could suggest Bitcoin is nearing a long-term bottom.

Recent Bitcoin (BTC) Volatility Further Confirms Current Trading Range

At the time of writing, Bitcoin is trading down nominally at its current price of just above $3,600. After trading choppily yesterday, Bitcoin rapidly dropped into the low $3,500 region for an incredibly short amount of time before quickly surging to highs of $3,620.

Bitcoin has been bouncing in the low-$3,500 range for the past couple of weeks, solidifying this price level as a strong region of support. It is important to note, however, that the resulting bounce after BTC touches this price region becomes smaller each time it visits it, which could mean it is weakening.

Mati Greenspan, the senior market analyst at eToro, discussed Bitcoin’s latest price action in an email today, saying that the multiple factors likely behind BTC’s recent drop and surge could signal that BTC is nearing its price floor.

“What’s interesting about this graph is the role of the key level of $3,500. As we’ve been discussing, bitcoin has been trading in a tight range between $3,500 and about $4,100…So when the downside broke, it very likely took out a lot of stop losses, causing a chain reaction of stops and liquidations. What’s exciting about yesterday’s move is that the direction was quickly reversed and in the aftermath, we even saw a mini rally. This is a very positive sign and could very well indicate that we’re at or nearing bitcoin’s price floor,” Greenspan explained.

Although this sentiment may appear to be overly bullish considering that the cryptocurrency’s recent price movements are miniscule compared to months and years past, another popular cryptocurrency analyst generally agrees with Greenspan’s assessment.

Cred, a popular analyst on Twitter, discussed the sharp downwards move and resulting bounce, saying:

“$BTC Price finally traded to 3430 support and bounced. Reclaiming/establishing support above the blue level (3560s) is bullish IMO. This has triggered a long setup for me, I’ll jump out if the level rolls over.”

$BTC

Price finally traded to 3430 support and bounced.

Reclaiming/establishing support above the blue level (3560s) is bullish IMO.

This has triggered a long setup for me, I’ll jump out if the level rolls over. pic.twitter.com/zt8Gpu04I5

— Cred (@CryptoCred) January 23, 2019

Altcoins Trade Mostly Flat

Bitcoin’s recent bout of volatility has carried over into the altcoin markets, and today the markets are experiencing a mixed trading session.

Altcoins are trading mostly flat today following the market’s recent bout of volatility.

At the time of writing, Bitcoin Cash is the best performing major cryptocurrency, as it is currently trading up over 4% at $134. Yesterday, Bitcoin Cash fell to lows of $120 before rallying towards its current price levels.

Ethereum has dropped slightly over a 24-hour trading period and is trading down nearly 1% at its current price of $118.3.

XRP has also dropped today and is presently down 0.6% at $0.3177.

Featured images from Shutterstock.

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Bitcoin Cash Technical Analysis: BCH/USD bulls break stubborn resistance to gains over 5%

Bitcoin Cash price on Wednesday seen up some 5% in the latter part of the session. BCH/USD bulls have cleared a long-running descending trend …
  • Bitcoin Cash price on Wednesday seen up some 5% in the latter part of the session.
  • BCH/USD bulls have cleared a long-running descending trend line, leaving door open to greater upside.

BCH/USD 15-minute chart

  • Price action has broken out to the upside from a pennant pattern structure.

Spot rate: 132.81

Relative change: +5.02%

High: 134.94

Low: 126.58

Trend: Neutral

Support 1: 118.55, daily pivot point support.

Support 2: 109.72, daily pivot point support.

Support 3: 103.51, daily pivot point support.

Resistance 1: 133.59, daily pivot point resistance.

Resistance 2: 139.81, daily pivot point resistance.

Resistance 3: 148.63, daily pivot point resistance.

BCH/USD 60-minute chart

  • Price action is moving within the confinements of a range block formation.

BCH/USD daily chart

  • BCH/USD daily edges over long-running descending trend line, but still stuck in stubborn daily range.

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Ethereum Technical Analysis: ETH/USD vulnerable to downside risks; flag structure eyed

ETH/USD 15-minute chart. Supply zone eyed within the early $120 price area, a near-term barrier for the bulls. Spot rate: 119.31. Relative change: …
  • Ethereum price on Wednesday seen trading in the green by some 0.30%.
  • ETH/USD remains subject to downside risks, given bearish pattern structures.

ETH/USD 15-minute chart

  • Supply zone eyed within the early $120 price area, a near-term barrier for the bulls.

Spot rate: 119.31

Relative change: +0.35%

High: 120.00

Low: 118.07

Trend: Neutral

Support 1: 113.65, daily pivot point support.

Support 2: 108.20, daily pivot point support.

Support 3: 104.66, daily pivot point support.

Resistance 1: 122.64, daily pivot point resistance.

Resistance 2: 126.18, daily pivot point resistance.

Resistance 3: 131.63, daily pivot point resistance.

ETH/USD 60-minute chart

  • Near-term bearish flag pattern eyed via the 60-minute view.

ETH/USD daily chart

  • Price remains stuck within narrowing range structure, no sign of a breakout as of yet.

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Top 3 Price Prediction Bitcoin, Ripple, Ethereum: don t fear the reaper

On the negative side, the weakness that shows the Ethereum not being able to move away from the current level and seek better prices. The positive …
  • Yesterday’s movements bring to light the internal struggles.
  • In the end, everything was a fright that surely left damage.
  • Limits are being abused and they can give way to losses.

A new day begins in Europe and the crypto market rises in the same place in which it awoke yesterday. However, it was not a quiet day at all. Yesterday I remarked in my article that it was possible that there were bearish rejections and so it was. At the end of the European session aggressive sales appeared that sent the prices down fiercely, and with the same aggressiveness the purchases appeared minutes later and sent the prices directly against the first resistances where the crypto market failed again.

The movement has positive consequences on the 4-hour charts as the fast average has managed to cross up the slow median and improve the medium-term scenario. However, in the short term, the cross now needs validation.

The validation movement is what guides prices at this time.

“Fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to suffering.”

Yoda.

ETH/BTC Daily Chart

The ETH/BTC pair continues to play with the downfall as it has failed to gain momentum and move away from the lower trendline.

The situation can be interpreted with ambiguity. On the negative side, the weakness that shows the Ethereum not being able to move away from the current level and seek better prices. The positive interpretation is that the situation is a demonstration of strength to get always close above the line after two severe breakage attempts.

If ETH/BTC finally closes below the trend line with clarity, capital will fly in the direction of Bitcoin or any anchorage with a fiat currency.

Do you want to know more about my technical setup?


BTC/USD 240 Minute Chart

The BTC/USD pair is currently trading at the $3,568 price level after peaking at $3,609.35 yesterday. At that price level, it found itself with the EMA50 after overcoming the price’s congestion resistance of $3,600.

On the downside, it left yesterday’s low at $3,425.33 as a result of strong sales but then recovered as I explained earlier.

Above the current price, the first resistance for BTC/USD is at $3,600 (EMA50 and price congestion resistance). The second resistance level is at $3,690 (SMA100 and price congestion resistance). Finally, the SMA200 at the $3,760 price level represents the third and most crucial hurdle, as it would put the price in the bullish zone of influence.

Below the current price, the first support is in the fragile bullish trend that emerged on January 14 (blue dotted line) at $3,525. Below this level, the second support level is at $3,465 (price congestion support), while the third support level for BTC/USD would be at yesterday’s lows at $3,425 (price congestion support).

The MACD on the four-hour chart achieved to cross upwards although with little upside inclination and even less line spacing. It is now very close to the zero line that separates the positive from the negative side of the indicator, a level that will pressure down the price.

The DMI on the four-hour chart shows how the bulls failed in their attempt to cross up the ADX, which is negative. Also, the bears did not suffer too much and maintained absolute control in the short term. The bears’ weakness comes from the high level they have reached, which will tend to decrease rather than increase.

ETH/USD 240 Minute Chart

The ETH/USD pair is currently trading at a price level of $118.68. Yesterday’s strong bounce left the price at a low of $111.73 and a high of $120.72, temporarily piercing both first support and first resistance.

Above the current price, the first resistance is at $120 (price congestion resistance). The second resistance level is marked by the EMA50 at $121.91, while the SMA100 indicates the third resistance level for ETH/USD at $129.27.

Below the current price, the first support level for the ETH/USD pair is at the short term trend line (blue dotted line) that started in mid-January. The price level of this first support is at $115.6, only a few cents above the price congestion support of $115. The second support level is at the price level of $109 (price congestion support), while to reach the third support level, ETH/USD should go down to $105 (price congestion support).

The MACD on the 4-hour chart shows a similar profile to that of the BTC/USD. It crosses a positive bullish trend but with a bearish influence that brings it near the zero lines of the indicator.

The DMI on the 4-hour chart shows how the bears manage to stay above the ADX, thus retaining control. The bulls, on the other hand, fail in their attempt to overcome level 20 and weaken again.




XRP/USD 240 Minute Chart

The XRP/USD is currently trading at the $0.318 price level. Yesterday, XRP was the one that best withstood the sudden increase in volatility. It left the session low in the support for price congestion at $0.308. The XRP/USD pair’s daily high was $0.324.

Above the current price, the first resistance for XRP/USD is $0.32 (price congestion resistance). The second resistance level is indicated by the EMA50 at the price level of $0.326, while the third resistance level is at $0.335 (price congestion resistance).

Below the current price, the first support level is at $0.316 (blue dotted line). The second support level is at yesterday’s low of $0.308 (price congestion support). The third support level is $0.296 (price congestion support).

The MACD on the 4-hour chart shows a more advanced XRP/USD development phase than its peers in this analysis. The averages are crossed upwards but very close together and with little inclination.

The DMI on the 4-hour chart shows how after yesterday’s shake the bears reinforce their dominance while the bulls faint and lose level 20, confirming their weakness.

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