At the time of writing, Ethereum (ETH) is trading at around $122 following a whopping 18% decrease in price since last week.
In the past 24 hours, ETH is down over 7% in value.
The world’s second-largest cryptocurrency by market cap has been consolidating since late November, as most altcoins have been doing lately.
However, negative pressure has now caused the entire crypto market to crash.
As mentioned last week, the uncertainty around ETH’s price action could push Ethereum further down in the next few weeks.
Let’s take a look at the chart for Ethereum, courtesy of TradingView.
During the second half of the year, ETH has been attempting to consolidate and recover following the huge market downturn in the summer.
However, over the course of September and October, ETH was making a number of lower highs. Up until the end of October, it was struggling to hold on to any gains.
Then, out of nowhere, a pump pushed price towards the 50-day EMA, blasting through a key volume resistance wall near $180.
Price went from $180 to over $220 in just a couple of days, representing an increase of over 22%. However, the sentiment has now shifted once again.
The current ETH/USD trend
ETH is currently back below all its EMAs and price is currently free-falling.
For now, I would aim at making minor entries while the price is still below the 200-day EMA. Volume-wise, ETH is hovering close to $2 billion – half of what we saw last week.
At the moment, sellers are clearly in control, which means volatility to the downside can be expected to increase.
Since ETH is also close to the lowest support level intervals, according to the volume profile, we should expect price to fall further down.
Right now, Ethereum is holding above $120. If there’s another swing to the downside, I expect ETH to float between $110 and $120.
On a more positive note, the Istanbul upgrade has been implemented successfully with only a few minor issues. This hard fork was quite an important step towards ETH 2.0 and has implemented improved functionality and lower gas fees.
I personally believe we can expect a testnet release of the new Casper PoS soon, at least by the first quarter of 2020.
Safe trades!
About Ethereum
Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum. Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy in to his proposal.
More Ethereum news and information
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