Ethereum's key price highlights
- Ethereum's price has recently erupted from a small symmetrical triangle but collapsed under consolidation
- A larger symmetrical triangle has formed and is still intact while testing price support.
- suggest that the floor could still hold up, but it seems that the bullish pressure is fading.
Ethereum recently attempted to overcome the $ 300 mark after a breakout of the triangle, but returned to consolidation.
Technical Indicator Signals
The 100 SMA is above the long-term SMA 200 over this period of time to signal that the path of least resistance is on the upside. This suggests that support is more likely to hold rather than to break.
However, the gap between the indicators is rather limited, so there may still be the possibility of a bearish crossover and a bearish breakdown. In that case, the etereum could fall at the same height as the chart model, which ranges from $ 250 to $ 330.
RSI seems to crawl further down to indicate that the selling pressure is present while the stochastic is pointing downwards so that the price of the ether could follow the example. A rebound could still happen and lead to a triangle test above $ 300, however.
Ethereum was under pressure due to speculation of a bearish recovery with the pending launch of CBOE futures. Many underline the massive wave of bitcoins after the futures were launched by CME and CBOE at the end of last year, predicting that ethereum could suffer the same fate.
In addition, the Satis ICO research group planned for ethereum was not as bullish as the bitcoin research group, so it is understandable that traders are shifting their holdings from this digital asset. Note that ethereum is still recovering from the abrupt fall of August, which has been re-proposed to the ICOs who first cashed.