14 minutes ago | Matthew North
| Ethereum price | ₿0.019889 |
|---|---|
| Key ETH resistance levels | ₿0.020272, ₿0.020726 |
| Key ETH support levels | ₿0.019577, ₿0.019336 |
*Price at the time of publication
ETH/BTC is in a tough spot from a technical point of view. The coin has been in a downward trend since the beginning of the year (when it traded as a high of 0.02BTC) and is down 50% since then.
The price briefly bounced back on September 14, which was after the RSI dipped into oversold territory. Since then the coin has stabilized its gains into a sideways trading pattern. The volume profile for Ethereum against Bitcoin has shrunk by comparison to the rest of the year, which is a bearish sign.
Another bearish quality of Ethereum is that it’s trading below its pivot point of 0.020031. Prices have yet to return to this dynamic inflection point.
Ethereum Long-Term Price Prediction: Bearish
Over the long-term, Ethereum is trading below its 200-day EMA and 100-day EMA. These moving averages help to determine the overall trend, and in the case of Ethereum, the trend is sideways with some bearish characteristics.
By having a look at the On Balance Volume (OBV) indicator we can really see how far Ethereum has fallen from the start of the year.
The line was at its peak in July and has made progressively lower lows until the present day. As volume often precedes price movements, we can, therefore, expect that Ethereum will head lower until we see a change in the OBV line.
Ethereum Medium-Term Price Analysis: Bullish
Something interesting is happening over the medium-term for Ethereum. Since the price recovered in the middle of September, this has kicked off a mini-rally that has posted gains for the first time since the start of the year.
Using linear regression techniques, one can clearly see that there is a perceptible trend to the upside. Whether this trend will continue or not is up for debate. The shrinking volume levels compared to previous months is a negative sign, and the momentum indicators are in neutral territory.
Ethereum than is in a vulnerable position for these gains to be eliminated, or could post further gains is we see some action in its volume profile or momentum oscillators.
Ethereum Short-Term Price Analysis: Bearish
Ethereum is definitely in a downwards trend looking at the 4-hourly candles. The steep slope means that it’s almost certain that there will be further losses for the cryptocurrency. Adding to the bearish texture are big red volume candles and the bearish crossover on the MACD.
