The bears are threatening to bite again, and ETH stands at the edge of a cliff. The digital currency may break triangle support soon. All technical indicators are bearish, and a fall is looming.
Ethereum (ETH) Price Today – ETH / USD
The four-hour chart shows that ETH is trading slightly higher than it was after it declined heavily two weeks ago. The digital currency declined on October 11 and was not able to recover. BTC recovered to $6,400 after testing $6,000. ETH price has been limited, and range bound below $220. The price has been dipping for the past one week and threatens to test below $200.
The cryptocurrency is facing resistance and stuck at $210. This trend is bearish, and the MACD indicator cannot flip sides to the positive from the negative. The gap between both moving averages is on the increase, and this means that the bears are currently gaining ground. The RSI is pointing down toward the oversold levels as well.
Also, there’s a triangle pattern forming on the chart. Any break above this triangle resistance will see Ethereum reach $220 and move higher towards $230. Sadly, the break is bearish and if it succeeds, the coin will move below $200 and may even test $190 again.
Is there hope for Ethereum?
Despite the fact that there is a positive press for the crypto market as a whole, it is not helping Ethereum. The seller’s activities are higher than usual, and renewal of the minimum may not take long.
The forecast for today shows that we can expect a continual downward movement to a support level of $202.30. However, since the news is positive for the crypto market, the price may start to rise toward the upper resistance levels. Since the sellers are active and are pressuring quotes, the price may fall to $202.30. If it sees a lot of pressure, it may test the $197.00 level.
The elimination of the reduction will probably be an impulse growth. The price is expected to reach $223.00 above the resistance level. Surely, this will pave the way for the coin to reach new highs around the $239.00 range.
Joseph Lubin believes it will get better
Joseph Lubin, Blockchain pioneer who is at the top of Blockchain startup ConsenSys, is bullish on Ethereum. He is not swayed by the downturn this year in the cryptocurrency market. Lubin has encouraged enthusiasts all year and emphasized the growth side of the equation. Lubin told CNBC:
“Digital currencies are not on the edge of a collapse. We’ve seen lots of boom and busts in our ecosystem over the last nearly ten years, and our ecosystem has never been stronger.”
His barometer for success in the digital currency industry is the number of people and projects that have been absorbed into the space, and it includes developers and entrepreneurs.
U.S regulators have been too slow about developing a framework for cryptos such as Ethereum and bitcoin. They have been keener toward Blockchain and are getting a good understanding of how important the technology is.