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Ethereum Price Will Drop to $150. ETH Breakout Was a Fake?

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Ethereum Price Will Drop to $150. ETH Breakout Was a Fake?
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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.

ByBit
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Ethereum continues surprising us with its unexpected price moves, and now it seems to be making another decision. Will it continue gaining in price, or is the cryptocurrency doomed to fail? Those Ethereum price predictions from tradingview professional traders are here to clear up the situation. Find out how to trade ETH, and why some people think its breakout was simply fake.

There’s no need to worry

ETH will repeat its pattern and overcome $185 resistance

A lot of traders have expressed their fear that Ethereum will retrace to its previous support lines. Should we worry about that? As we know, cryptos have a habit of repeating some patterns over and over again. Ethereum is no different.

TradingShot analyzed the Ethereum's bull market is in particularly 3 fractals which all appear to share a similar candle action to ETH's price volatility from October 2018 to date.

Initial price drop, high volatility (consolidation) with an obvious Resistance and then aggressive rise. The exception is Fractal B which consolidated longer (almost twice as long) making a re-test of the initial drop/low (even slightly breaking) it before it broke out. It did, however, increase much more than other two (around +4,300% as opposed to Fractal A +1,800% and Fractal C +480%).

Since ETH/USD hit the bear cycle's bottom in December, we can expect it to start rising more aggressively on the short term. TradingShot pays particular attention to Fractal B as in duration it is much more similar to Bitcoin's expected consolidation phase. In that case, we have roughly another 175 days of trading between the cycle's bottom of $80 and current resistance about $185.

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The breakout is fake?

H&S pattern is about to form

According to botje11, the overall crypto market will go sideways this weekend, making an ABC correction. So maybe Ethereum will fall towards $161-162 and then up towards $169-173 and then one more drop in the $150-$160 zone. The trading expert claims that ETH is to make a short-term ABC correction.

As we see, ETH bounced up from the $156 quite well at first, but these past few hours the move up has slowed down again. Increasing the chances the move (correction) down has not been completed yet. The new wedge on the right represents a perfect scenario. Breaking the $160-$155 of what looks like the neckline of an H&S, but while doing that fooling all the bears playing that H&S and then using their shorts as fuel to create a good push upwards.

$168 resistance should be broken

The major resistance is at the $168 level

ETH/USD is approaching its first support line at $156 a strong bounce might occur above this level pushing price up to our major resistance at $168.67 (horizontal swing low support, 100% Fibonacci extension, 50% Fibonacci retracement ) where (horizontal swing high resistance, 38.2% Fibonacci extension, 61.8% Fibonacci retracement ).

Stochastic is also approaching support where we might see a corresponding bounce in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investments, so trade carefully and enter the market only when you’re sure.

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ETH will stay strong

ETH has to defend its current level

According to this trading expert, one more sell-off should be expected in the next few days/weeks. ETH could not hold the strengthened zone because there is a lot of resistance on this level.

Look at the 50, 100 and 200 EMA? Now, if we continue to move sideways and move up, this could give us the opportunity for a golden cross. The 50 and 100 EMA is already on our side. Now, all we have to do is convince the strong 200 EMA to work for us and we will see substantial price increases. However, it will take some time.

It’s crucial for Ethereum to defend its level. No new lows should be sought, otherwise the next bull market will continue to slow down.

All in all, we shouldn’t worry about Ethereum’s future price – even if it drops to the previous support level, it will gain at price afterward. This is what technical indicators show, and what many traders reckon. Very soon, we’ll have the right time to enter the market.

Price charts are taken from TradingView

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About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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One of Richest Bitcoin Addresses Holds $650 Mln Worth of BTC Stolen from Mt. Gox Exchange

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  • Alex Dovbnya
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    One of the richest whales has never touched all 79,956 coins that were infamously stolen from Mt. Gox

One of Richest Bitcoin Addresses Holds $650 Mln Worth of BTC Stolen from Mt. Gox Exchange
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Casa CTO Jameson Lopp has noticed a tidbit in the most recent CoinMetrics report. It appears that the sixth richest Bitcoin address holds 79,956 BTC (approximately $650 mln at today's prices) that was stolen from the now-defunct Mt. Gox exchange.

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Ill-gotten coins

Notably, these coins have been touched since 2011 (the year they were stolen). It was either a very disciplined holder or someone who lost access to their private keys. CoinMetrics states that the latter is the most likely reason behind this eight-year silence.

One of the biggest security breaches in the history of crypto occurred on June 19, 2011. The hacker was able to artificially tank the Bitcoin price to just $0.01 by creating a mammoth-size ask order.       

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Mysterious whales

It might be one of the richest addresses considering that the fattest Bitcoin wallets actually belong to cryptocurrency exchanges that use them as a cold storage.

As reported by U.Today, there are plenty of the so-called "zombie addresses," which haven't seen a single transaction in more than 18 months.

One enormous Bitcoin wallet is believed to be in the hands of an anonymous Asian billionaire.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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