Home / Coin Payment / ETH Trading at the Lower Boundary of Trading Range at $ 115 – Can Bulls Prevent the Market from Heading Lower?

ETH Trading at the Lower Boundary of Trading Range at $ 115 – Can Bulls Prevent the Market from Heading Lower?

  • Support for ETH go ahead: $ 115.96, $ 110.46, $ 102.55, $ 101.27, $ 100, $ 93.00, $ 84.03.
  • Resistance for ETH go ahead: $ 124.91, $ 134.67, $ 146.74, $ 150, $ 155.12, $ 171.94.

Latest news on Ethereum

After the delay in updating Ethereum Constantinople, it has been found that some Ethereum miners were digging on an unofficial chain after not following the developer's advice. The hash power, in a certain point, has effectively exceeded the hash power quantity of the Ethereum Classic chain.

The new date scheduled for the updating of Constantinople it is at the end of February 2019 after the blockchain has reached the block number 7,280,000.

Analysis of ETH / USD prices

Ethereum has seen a 9.16% fall in prices over the last 7 trading days as the current cryptocurrency price is around $ 117.46 at the time of writing. The market is still growing 4.53% over the last 30 trading days.

Nin third position, Ethereum holds a capital cap valuation of $ 12.22 billion. The decentralized operating system saw a sharp drop in prices of 42% over the last 90 trading days, as the 41-month project is now trading at a price 91% lower than its high price.

Ethereum analysis

By taking a look at the 4-hour chart above for ETH / USD, we can see that the price action has now approached the support zone highlighted earlier in the short term. 618 Fibonacci Retracement level (drawn in green ) for $ 115.

This support area is further supported by a short-term decline 1,272 Fibonacci extension level (drawn in red) with price in the same area.

Trend: neutral

The trend is still in a neutral trading condition right now. However, if the price action breaks under the $ 115 handle, the short term trading condition for the ETH / USD will become bullish.

Where's the support under the $ 115 handle?

If ETH / USD can break below the $ 115 handle, we can expect the immediate support below to be localized to the short-term 1.1414 and 1.618 Fibonacci downtrend levels (drawn in red), with a price respectively of $ 110.46 and $ 102.55.

Further support below this will therefore be expected in the short term .786 Fibonacci retracement level (drawn in green) for $ 101.27. I

If the selling pressure causes an ETH / USD below the $ 100 handle, more support is found short-term .886 Fibonacci retracement level (drawn in green) for $ 93. is followed closely by the long-term downside 1.414 Fibonacci Extension level (drawn in blue) for $ 84.03.

Where is the resistance to the high?

Alternatively, if the bulls are grouped together and start pushing the higher prices for ETH / USD, we can expect the immediate resistance above to be localized to the short-term levels of .5 and .382 Fibonacci retrospective ( traced in green), priced at $ 124.91 and $ 134.67.

The resistance at $ 134.67 is also the upper limit of the trading range that has been outlined in our previous ETH / USD analysis.

If ETH / USD can exceed the upper limit of the bargaining range, expect a higher short-term resistance .3636 Fibonacci retracement level (drawn in green) for $ 146.74.

Beyond the $ 150 limit, we can expect a higher resistance to the downside levels of Fibonacci Retrospie's .5 and .618 (plotted in red) at the price of $ 155.12 and $ 171.94, respectively.

ETH / BTC price analysis

Ethereum / Bitcoin analysis

Taking a look at the ETH / BTC 4 hour chart above, we can see that price action has also achieved further support in the short term .886 Fibonacci Retracement level (drawn in green) priced at 0.03257 SATS.

The price action is still within the limits of the current trading interval between 0.03257 SATS and 0.03532 SATS.

Trend: neutral

The current trading trend will remain neutral until the price action fails to exceed the lower limit of the aforementioned trading interval.

Where is the support if the market breaks below the trading range?

If ETH / BTC falls below the trading range, we can expect immediate support towards the negative side to be localized in the medium term. 618 Fibonacci Retracement level (drawn in red) priced at 0.03191 SATS.

Further support below can therefore be located downward short-term 1,272 and 1,414 Fibonacci extension levels (drawn in pink), priced at 0.03129 and 0.02979 SATS respectively.

If the selling pressure causes ETH / BTC to head even lower, more support is found in the medium term .786 and .886 Fibonacci retracement levels (drawn in red), respectively 0.02924 SATS and 0, 02765 SATS.

Where is the resistance to the high?

Alternatively, if the bulls come together and begin to push the higher price action from the Fibonacci retracement support level of the .886, we can expect an immediately higher short-term resistance .786 and .618 levels of Fibonacci retracement (traced in green), priced at 0.03359 Respectively SATS and 0.03532 SATS.

If ETH / BTC becomes higher, it is possible to find more resistances above the short-term levels .5 and .382 Fibonacci retrospections (drawn in green), at the price of 0.03652 SATS and 0.03778 SATS respectively.

More resistance above 0.03778 SATS can therefore be expected in the short term .3636 Fibonacci retracement level (drawn in green) at the price of 0.03923 SATS. This is followed by greater resistance to the Fibonacci 1,272 short-term extension (drawn in blue) at the price of 0.04062 SATS.

Conclusion

Ethereum is trading at the lower limit of the trading range at this time.

If sellers push prices below the $ 115 handle, we can expect ETH / USD to fall further to the $ 110- $ 101 range.

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