From November 17 to 24, the price of ETH has dropped by 25%, which has been higher than Bitcoin since September 2019. Moreover, as AZCoin News mentioned, ETH prices are having the most near-volatility in history.
ETH price scenario soon
Usually, every time a hard fork occurs, the price of that coin will increase significantly. However, this did not happen with ETH when the Ethereum Istanbul hard fork was approaching. The Istanbul fork is expected to take place on December 4, 2019, if nothing changes.
However, the whales have begun to function. Yesterday, an Ethereum Whale transaction was recorded, transferring $ 35 million. The fee for this transaction is only $ 0.07.
Based on the current trading model, the long-term ETH price is believed to be a breakout. However, the short-term downtrend is still likely to occur. Market analyst and trader Bitcoin ?ack stated, there are two possible scenarios for the future of ETH:
- For the first time, Ethereum will fall to 0.02 BTC before rising.
- In the second, the price of Ethereum will drop to 0.019 BTC.
First order of business filled on $ETHBTC pic.twitter.com/aYW0e0NSrw
— //Bitcoin ?ack (@BTC_JackSparrow) November 25, 2019
Ethereum trading range
Since September 16, the Ethereum price has ranged from 0.025 BTC to 0.019 BTC. However, ETH has reached support at the end of October and has increased since then.
Source: TradingView.
Observing the chart, it can be seen that the price of ETH broke down below an ascending support line before increasing to validate it as resistance.
Also, ETH price is trading between the 50- and 100-day moving averages (MA). Looking at the historical price chart, ETH will drop below the 200-day MA and reach the support zone by 0.019 BTC.
Source: TradingView.
Observing the weekly chart, ETH has been trading inside a long-term descending wedge since September 2018.
When reaching the support line of the wedge in September, the ETH price will start rising from the current level. The substantial weekly bullish divergence suggests that ETH will eventually break out.
Additionally, the RSI low of 23 is the lowest since 2015 – indicating that a long-term upward market cycle might soon begin.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Read more:
- Ethereum’s Vitalik Buterin: 16 Difficult Problems In Cryptocurrency From 2014 And Status Quo
- Istanbul To Berlin: Ethereum Milestones On The Serenity Road