Conclusion for today’s Ethereum Analysis:
Price closing below ~176.49 implies more downside momentum in Ethereum.
The Daily timeframe (log scale) is examined in today’s Ethereum analysis. Chart patterns examined that are plotted include a bearish price channel and a bullish trendline.
The 200 day moving average is also plotted to help provide perspective for future development of price action.
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December 15, 2018 price swing that reached the 363.30 price peak (on June 26, 2019) has since been followed by a downtrend in Ethereum. Part of the current downtrend includes a July 16, 2019 break below the long term bullish trendline that lasted over 6 months.
Price action also did break below the 200 moving average after closing below the bullish trendline, adding to a current bearish bias in Ethereum. Price levels plotted on the chart offer areas of support (188.81 to 167.64) and resistance (363.74 to 307.08) for Ethereum and need to be monitored closely for bullish or bearish swings.
A close above the 200 day moving average is bullish and implies price resuming an uptrend that should reach the resistance zone at the minimum. A break below 176.49 on the other hand improves the chances of continuing the downtrend from June 26, 2019.
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Our previous Bitcoin technical analysis before the current price rally was also posted for FREE and can be found here.