Ethereum (ETH) Price Prediction: Can Buyers Fix the $150 Level?

Price Predictions
Thu, 11/28/2019 - 14:00
Denys Serhiichuk
Indicators suggest an upcoming decline. Can Ethereum resist it?
Cover image via www.tradingview.com

With Bitcoin (BTC) recovering from its recent drop to $6,500, Etheruem (ETH) is not standing idle. The rate for the top altcoin has increased by 1.43%. The general situation in the market is different as neither the bulls nor the bears are in control.  

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Below is the relevant data for ETH at press time:

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $16,619,958,529

  • Price: $152.86

  • Volume (24H): $8,015,697,387

  • Change (24H): 2.31%

ETH/USD: Where is the Next Stop for Ethereum?

ETH has again pushed off from the level of moving averages, indicating the presence of a bearish trend. The values from the relative strength index (RSI) broke through the support line, testing the bottom of the broken line.

ETH/USD chart by TradingView

One should expect a continuing decline to the first target at $120. A breakdown of this area will indicate a move to the $100 mark.

ETH/USD chart by TradingView

Looking at the 4H chart, sellers have managed to gain a foothold at the $150 level. As a short-term trading idea, we should expect a continuing decline to the point of $120.

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An additional signal in favor of the decline will be another bounce from the downtrend on the RSI indicator. It is not excluded that the decline will continue on the width of this channel with the descending movement's lower boundary breaking down.

At press time, ETH is trading at $151.25.

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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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