Forecast the future: what will happen to the price of Ethereum this week?

It seems that news about hard forks Constantinople have exhausted themselves — Ethereum ends with “fuel” for growth, the cryptocurrency is slowly returning under the control of bears. The graph of the coins looks very promising and suggests to sink up to $ 100.

The General situation looks like this:

  • this week the price of bitcoin has fallen below support at line 146 of dollars;
  • on a scale of 4-hour chart formed a local bearish trend with resistance in the area is 138 dollars;
  • trading a pair of ETH/USD is still under threat of further decline below $ 120.

Today Ethereum is trading at $ 118. For the past day, the cryptocurrency fell by 5.2 percent.

Technical analysis

The past week has been very hard for altcoins. The surge of activity of sellers has led to a precipitous drop Ethereum below 100 SMA after breaking the support zone of $ 145. Some time later, the cryptocurrency has formed a new local minimum in the neighborhood of 120 dollars and rolled a little higher.

Now the main resistance is the line of $ 128. It coincides with the 0.236 Fibonacci level, laid on a wave draining from 153 to 121 USD. Next, the bulls will have yet another obstacle line 138 dollars, where the local downtrend. A break of this level the bulls will open the way to the previous local maximum in the area of $ 150.

Source: TradingView

Recall, to hard forks Constantinople remained only two days. Activation upgrade can have a very strong influence on the market, with both negative and positive. In the near future, it is recommended to refrain from trading and to observe the behavior of Ethereum.

The readings of technical indicators saying about the absence of clear trend. The MACD line went a bit in the bullish zone, but the RSI still indicates the dominance of bears in the auction. For what is happening in the coin market followed in the rating of the cryptocurrency.


Leave a Reply

Your email address will not be published. Required fields are marked *