ETH Price Threatens to Plummet to $175 — Be a Hodler, Not a Panic-Seller


ETH Price Threatens to Plummet to $175 — Be a Hodler, Not a Panic-Seller

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Now that cryptocurrencies have started falling down, traders are rethinking their strategy. Which is the best? Play on shorts or hodl? It depends on many factors, including the cryptocurrency in question. Let’s find out why Ethereum turns out to be a nice long-term investment in the current market conditions. Read Ethereum price predictions from tradingview experts.

The fractal from the past repeats

ETH repeats the fractal

Recently, ETH was at a crossroads. That it was either forming a massive bull flag to rally more, or it was going to break down past the channel. At this point, ETH has broken down past the channel. This is not a good sign, any buying momentum has dried up. Even with ETH/BTC getting a little bit of upward movement, it still has failed to make any significant progress to the upside. All in all, in the near term this does not appear to bode well for a significant move up in ETH/USD.

RSI has also confirmed divergence and MACD has crossed and is slowing down. Both indicating weakening selling pressure and that more downside is in the cards. Maybe, just maybe we'll move sideways for some time and eventually go back up to the upside. For now, it appears that a retrace is in the cards until we get our large move up to 450. We could potentially go lower than my support zone depending on what happens.

Now, look at the charts: there’s a similar topping pattern, breaking the trendlines. The divergence, the MACD crossover look close. The price even doubled back then from $400 to $800, while price now basically did the same. You can see it did or even more depending on where you measure from. It's time to exercise caution. Now, traders are out of ETH position and will look to rebuy on a dip. See how ETH went from $800 down to $400 again? That might mean we go to the $150-175 support zone.

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Next rally is around the corner

In the longer term, ETH is bullish

ETH within parallel trend channel is on the lower limit. It’s swinging around fib retracements, shifting it to the ending point of correction. RSI has been in negative trend since May 16th – but ETH built a new (double) top on May 31st – correction has been necessary to close the negative divergence.

Now, we’re expecting ETH to break through resistance (fib 23.6% / 252$) and rising to fib 50%, which also is the upper limit of trend channel (285$) and an existing swing trend line: resulting benefits: ~ 16%.

If ETH continues to follow the move of BTC (supposed a rally take part at BTC ), the rise could last on and prices around 365$ are coming in sight – on that level, ETH reaches a fib retracement resulting from the big correction in 2018. On a daily basis, the indicators are still negative, while on the 4h basis, indicators have turned up.

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ETH in Cup & Handle

In the longer term, ETH is bullish

Look at the chart from VictorSoares: see the cup & handle forming? If this pattern validates, we might see Ethereum plummeting to $175-180 and going up again.

Final thoughts

Afraid of Ethereum’s drop? Look at the bright side: it must soar again even after touching some $175-180 point. Thus, it’s not time to panic-sell! Better hold your assets for higher profits!

Ethereum price charts by TradingView

Cover image via www.123rf.com
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About the author

Vera Yurina (aka Vera Thornpike) writes on web tech and works as a translator, copywriter & crypto geek with a strong passion for creative writing and wordplay. Creates marketing and SEO content for IT & hosting companies, ICOs and finance media since 2013.

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ETH Price Is Heading to $400 Mid-Term Level: Why Are Most Traders Bullish?


ETH Price Is Heading to $400 Mid-Term Level: Why Are Most Traders Bullish?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Resisting the bears’ attempts to beat it down, Ethereum price retains its positions around $250. Moreover, it’s said to be approaching the $400 goal. When should it happen, and why are most traders optimistic about ETH’s future? Let’s analyze Ethereum price predictions from tradingview users and compare their price charts – you will be surprised to discover most of them share similar opinions.

Target – wave III

Ethereum moving on waves

Look at the pattern from Crypto_Boer: the wave pattern is playing out perfectly, and now Ethereum keeps moving to the wave III somewhere at the $377 level. The finish target here is $440, which can be achieved in mid-September or October.

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$360 by the end of June

 $400 mark can be hit in August

Here’s another price chart showing us Ethereum’s way to the heights. Bulls may show up soon. Our target is $360 for 50% upside potential. If ETH reaches such a level, crawling to the $400 mark in July-August will be more than possible.

Beware of a double bottom

ETH should go through a correction

Of course, before Ethereum is able to reach the desired heights, it should go through a correction. User JRghost predicts that ETH should touch $287 before starting the retracement. Price may look to hit PRZ and retrace, then extend to double bottom measured move.

Here are the technical indicators to prove that:

  • Coinciding bearish patterns - Cypher/Butterfly.

  • PRZ is highlighted in red

  • .382 and .618 zone for each pattern highlighted in Green

  • 382 is confluent for a back-test of double bottom confirmation line.

  • Higher Levels of Relative Strength

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Closest targets for ETH

Major targets for ETH

User bread911 has noticed a major momentum divergence on the ETH/USD 4 hr chart. The average is $236.50, while our major resistance targets now are $265, $280, and $340. The first two targets can be easily overcome during June, but what about the third one? It’s possible to reach, too!

Final words

ETH looks really good on the weekly and daily charts – we have broken the trend-line resistance, and begun fresh up-trend. The 5th Elliot wave count is looking primed.

If we manage to break up in the coming days, there’s a big chance Ethereum will reach $290-300 and then simply turn down again. It could potentially even become high for the coming months. If we drop and break down from the current patterns, ETH will stay inside the $220-260 range during June, but it will be more likely to break resistance later, and we’ll see a much bigger rally in the coming months.

Some traders also claim they see a triangle on the price chart, which is a sign of bulls being eager to get in and bears giving up. They simply can't break the flag support because there are just too many bulls wanting to get in.

Ethereum has already managed to break the major $230 resistance, but there’s a possibility of an H&S pattern, which we can consider to be some kind of neckline. If it breaks, outcomes might be sad. $250 is a clear short term resistance now, and the trend is still up, so candles are likely to pop up.

It should be noticed that a lot here depends on Bitcoin. For instance, ETH can repeat its current head & shoulders pattern and take a short nosedive. But in case of growth, we’ll see kicking off the push to $400 for the ETH/USD pair.

Ethereum charts by TradingView

Cover image via 123rf.com
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About the author

Vera Yurina (aka Vera Thornpike) writes on web tech and works as a translator, copywriter & crypto geek with a strong passion for creative writing and wordplay. Creates marketing and SEO content for IT & hosting companies, ICOs and finance media since 2013.

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