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 OverviewIn 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 ChartAt 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 ChartAs 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 ChartThe 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.
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