Forum Forums Ethereum (ETH) Forecast – Technical Analysis Ethereum (ETH) Price Analysis – June 2018

This topic contains 3 replies, has 1 voice, and was last updated by margincall margincall 5 months, 2 weeks ago.

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  • #17848
    margincall
    margincall
    Keymaster

    Taking a quick look at the Ethereum price action against Bitcoin and the US Dollar, lets take a look at ETHUSD.

    ethusd price prediction 25 June 2018

    Ethereum was hit hard when Bitcoin, and most of the other Cryptocurrency markets got a little bit rekt this past weekend. Even though we saw some very good price action at $420, Eth still consolidated below $500, confirming the current longer term bearish trend, once again.

    Today should be quite interesting as we can see the 4hr candle chart is giving some bullish signals for the higher risk traders. Like I mentioned in other reports, when buying into a longer term bearish trend, trades should be considered higher risk, set up your trading rules, and money management accordingly.

    Traders looking for the safer entry should practice patience, and wait for the eventual breakout to occur, and only enter when the momentum has been confirmed.

    Support on the shorter term is between $400 – $420, and we could expect even lower prices in the future should the bulls fail to defend this zone. Resistance is around $470 – $520, look towards this zone for a possible breakout in the next few days.

    Ethereum’s performance is still very much limited by the movements in the Bitcoin market, as we saw again this weekend, lets take a look at the ETH price action against BTC.

    eth btc price prediction 25 June 2018

    When we take a look at Ethereum’s performance on the ETHBTC chart, we can see why the price action was so weak against the US Dollar. Eth has been in a strong uptrend against Btc since the start of the year and this little bullish run looks like it could be about to end.

    We can see that the price has struggled to stay above the MA 23, and this is showing us the short term resistance zone clearly at around 0.0776 btc – 0.078 btc.

    Support on the near term is currently around 0.072 btc and I would expect 0.07 btc to get tested quite swiftly if these fail. Should 0.07 fail I will wait for even lower lows against BTC.

    There is a lot of bullish fundamental news coming out for the Ethereum network, contradicted by a bearish situation with many “less than impressive” tokens getting dumped on the markets.

    With all that said, healthy market action and very necessary for a free market. Safe trades

    #17835
    margincall
    margincall
    Keymaster

    Quick report on the Ethereum market versus Bitcoin as we have some good price action, lets take a look.

    ethbtc price market report 19 June 2018

    This is a great example of a possible breakout scenario that often eludes newer traders. Notice how the candlesticks were getting compressed in a sideways trend as the bulls and bears battled it out. We can now see that the bulls have bought enough ETH to get us over our trend line.

    This is where the difficult part comes in, should the buying pressure cease here, or more bears decide to come to the party, this will most likely be a “fakeout” instead of a breakout. How would one know the difference?

    The short answer to that question is to keep an eye on the momentum. The volume should increase with the prices, a sudden drop in volume could signal the start of a correction and possibly a fakeout.

    Traders usually enter with a tight stop loss to minimize the loss should it be a fakeout. I expect good things should the Ethereum price stay above 0.0772. Safe trades y’all!

    #17754
    margincall
    margincall
    Keymaster

    I am having a look at the Ethereum market versus Bitcoin to try and get a sense of what we are up against. Getting a birds eye view with the 1 Day candle chart to analyze the Eth price action.

    ethbtc ethereum price forecast 7 June 2018

    As you can see the market is still experiencing growth against Bitcoin since December last year. We can also notice a clear bearish trend on the medium term for the market. This is playing into a classic triangle that we have seen so many times in crypto over the last few years.

    I am interested to see which side of the triangle we test next should big bro Bitcoin decide to push prices past 8k. Ethereum seems to be struggling with their network again this week and I would imagine the prices might reflect that, as we have seen in the past. This is not the worst problem to have, and in the longer term it could very well boost the Ethereum price, like it did in the past.

    Looking at the technical side I see solid support around 0.072 btc, and I would wait for lower prices should that support zone fail. Resistance is strong above 0.079 btc – 0.08 btc, the bulls need to work hard to get us above that, before we will see further gains against Bitcoin.

     

     

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