Ethereum is not having the best moment, make no mistake the current moment belongs to Bitcoin. Bitcoin is currently getting all the attention thanks to its extraordinary rally that saw its price against US dollar risen almost 10% for the past two days. Contrariwise, Ehtereum is still recovering from yet another crypto-currency hack mess. The Ethereum prices against Bitcoin has been in gradual falls after its price was rejected at 0.01155 on dec 8.
Today, the latest BTC rally flushed ETH to the day low of 0.00861 before rebounded to around 0.00950 now. Yesterday it was closed down 0.94% from the previous trading. The current downward slope was formed after yet another failed surging bid on dec 6. It reached as high as 0.01180 that day. The long tail on top revealed the decisive scoff from that level. The price of 0.1180 judiciously now become the pair’s medium term target and resistance territory. However, there are multiple resistance bands before it are awaiting Ethereum’s bounce. The price at 0.00981 (0.618 Fibonacci retracement) could be the first serious hurdle. This level could keep the ETH price consolidating or fallback, but any straightforward pass through this level will reignite any hope for a rally swing. Then, 0.01032 price (just above the 0.382 Fibonacci retracement) could provide another substantial resistance.
Going forward, things are still dime for ETH for any reversal against the ongoing Bitcoin bull. Furthermore, the Ethereum is really lack of clear fundamental supporting a sharp uptrend. In contrast, Bitcoin the gold standard of cryptocurrency is boosted by massive following in India and China. Therefore, ETH would be struggle to keep up with the BTC bull tempo. Subsequently, dwindling trading action in the coming holiday could further impede chances of its immediate term revival.
The degree of downside could be decided at levels of 0.00869 and 0.00780. The Stohastic RSI is flatting along the oversold threshold. So this could provide glimpse of hope. But at this juncture, we’ll be better off by stay on the sideline and enjoy the holiday.
Important Price Levels
yesterday closed – 0.00950 (-0.94%)
today – low 0.00861, now 0.00892
0.01180 December 6
0.00780 December 6
0.00981 – 0.618 Fibonacci retracement
0.01032 – 0.382 Fibonacci retracement
0.01104 – previous support line of dec 1 – now solid resistance
0.00869 (dec 5 low) – 0.786 Fibonacci retracement
0.00780 (dec 6 low)
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Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.