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Ethereum (ETH) Price Analysis — Can Bulls Fix Above the $180 Level?

Sun, 10/13/2019 - 08:45
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Denys Serhiichuk
Bearish trend remains relevant for the leading altcoin. Can it be canceled in a short-term period?
Ethereum (ETH) Price Analysis — Can Bulls Fix Above the $180 Level?
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While other altcoins are showing a slight growth against the stagnated Bitcoin, the rate of Ethereum is going down. The price of the second most popular cryptocurrency has declined by 1.44% over the last 24 hours. The top gainer is Bitcoin SV whose rate has increased by 4.33% compared to its yesterday position.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

These weekends Ethereum is trading almost in the same way as Bitcoin. However, traders are not sure about the future rise of ETH, as its rate keeps slightly going down.

Name: Ethereum

Ticker: ETH

Market Cap: $19 695 194 607

Price: $182,15

Volume (24h): $7 162 617 229

Change (24h): -1,44%

ETH/USD: Short-Term Forecast Remains Bearish

On the 1H chart, Ethereum has not got out form the bearish trend formed on October 11. Currently, there are no signals of the bulls’ pressure, as the price goes deeper after each bounce-off attempt.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

The low level of the trading volume confirms the bearish scenario as well as the decreasing RSI indicator which line is going down to the oversold area. In case ETH breaks the $180 level and fix above it, one may think about the local trend change. However, at the moment, the coin is likely to achieve the $177 mark in a few days.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Our earlier Ethereum price prediction came true and the rate rolled back to the level around $180. On the 4H chart, Ethereum is also looking bearish. The lines of the MACD indicator are declining, suggesting that the current level is not the bottom. 

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Also, ETH is might be forming the Head and Shoulders pattern which confirms the scenario of an ongoing decline. Summing up, the rate is about to reach the yellow range between $170 and $175 until the last days of October.

Ethereum is trading at $181,45 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at