I only paid serious attention on Ethereum last few weeks. And escpecially through twitter the interest on Ethereum is quite impressive. So today i tried my hand on analaysing its prices in the short term trend. I wish i can write up a more detial regarding this cryptocoin, maybe it could took few days on research and data gathering. Meanwhile back to this short and my first take on its technical outlook purely on its price movement. And no indicators are used.
First up, i am using 2 diffrent pairings, ETH/USD and ETH/BTC. At the time of the writing the price of ETH/USD was at 8.79(intraday -4.85%), while ETH/BTC was hovering at 0.01312BTC(intraday -5.13%). Both data compiled from Coinbase exchange rate. From historical data, ETH/BTC is now trading at the lowest price levels since February. From then the firmest support levels around 0.0145 which was breached on middle of this month after traded as high as 0.025BTC on September.
ETH/USD trend is slighly more bearish. From the previous support level, we could looking at around 9.40 which was breached and its price doesn’t look back since. In term of major resistance level, it twice tested the level around 15 in July and September. So we could look at this 15 as its medium term target if reversal bullish mood set in. But as of now, it is helpless and could continue struggling to get on to above 9 against the dollar.
Ethereum just underwent its 4th Hard fork a week ago. But it’s not as smooth process as it hoped for with numerous unwanted events and issues. But with growing interest notably from the tech community, i would not rule out Ethereum future just yet expecially as an investment instrument. It is the second highest cryptocurrency in term of market capitalization at $758 million behind Bitcoin which has a marketcap of $11 billion.
Based on technical view, it would be continue the struggle against Bitcoin and the US Dollar. Comparatively, Bitcoin and USD are both currently sailling smoothly along bulllish trend. So, its short term would most likely sideways and tendency to the south. There are mild supports between 8.55 – 8.60, where the price attracted some buying interests. Against the next resistance levels, we could be looking at the between level of 9.50 and 9.89. So i am more optimistic, putting the resistance level high around 9.90 and support low at 8.55. The Gap is pretty narrow, and this most likely indicating a bearish likelihood. So in the short term, the price could go even lower seacrhing for a support base. But any price above 9.90 would be very interesting..
I probabaly looking at short position for time being, but as of now i think i am in research mode. Not going to rush in just yet. It might has minor upswing to challenge the $8.80 range, the bearish trend is too explicit. But keep in mind, research, read more and take a close look on its mining mechanism health and overall cryptocurrency sentiments. Will update once we locate major breakthrough.
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