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ETH / USD Ready for $ 170, up 3.5%



Latest news on Ethereum

In a world defined by contracts and clauses, smart bargaining platforms are a welcome addition. But with the fall in prices, projects that have raised funds from Ethereum, for example, are struggling. The list of Dead Coins continues to grow every day and is understandable.

ETH prices are down 80% from the peaks of 2017 and are in decline, thanks to their coupling with BTC, the contagion effect, and the simple fact that blockchain projects still maintain their securities intact of ETH. If they were forced to liquidate in a cash crisis, then we expect prices to worsen further to $ 100 or even the $ 50 sign that will further disappoint the market.

The fact is that the previous evaluation of Jeremy Rubin, CTO of Stellar Foundation, found that if projects running on the Ethereum network decided to settle their fees in ERC tokens and not in ETH, then it would be reduced to zero in a case of economic abstraction. Vitalik did not refute and somehow agreed, but said that for projects to coordinate and complete such a stunt would be difficult if not impossible.

This aside from the fact that the SEC represses trade, arresting the founders of ICO and forcing them to pay huge burdens to create a market for tokens classified as securities. Although the first hurdle is an abstraction, the latter is a possibility that can immediately suppress the expansion of ETH prices with access to the SEC restriction network.

Analysis of ETH / USD prices

Analysis of ETH / USD prices

With a market capitalization of about $ 14.2 billion, ETH is a bit stable, although on this pair there is a bear cloud. ETH / USD rose four percent in the last day, but down 33 percent in the last week. This emphasizes the dominance of sellers and XRP as the second most valuable coin in space. Needless to say, the weak fundamentals and unfavorable placement of candles could further widen the gap and even pave the way for the launch of XLM / ETH.

Analysis of ETH / USD prices

Trend: bearish

Like all markets, ETH / USD is bearish. A simple trend line linking the recent highs confirms this. Combine this with the sliding market capitalization and the overview can not be clearer.

Volumes: bearish, rising

In the last four months, there are three important bars that confirm the bear breakout model developed by the merger at the beginning of August 2018.

The September 5 bar exceeded the previous support $ 250, now it stood at 594 thousand against 207k of average volume and on November 14 it crossed the main support line to $ 170 with 931k versus 324k of average volume.

Note that when prices fall, volumes continue to increase. This can mean that bears are catching up or approaching the funds. This is probably true now that prices have fallen by +75 percent compared to the peaks of 2017 and this is the 11th.th month of relentless sales pressure.

Candlestick training: Bear Breakout

After two months of hedging, ETH / USD fell below $ 160, a main support line as highlighted in our latest business plan. Now, even if we remain optimistic waiting for prices to be higher and even try $ 170 in the next few days, we will keep a bearish preview until prices are less than $ 170. Unless otherwise, sellers should reduce and fine-tune their voices in lower time periods selling on all levels below $ 170.

Conclusion

Although ETH finds a truce, it is clear that prices are under enormous pressure as a trend for prices within a bear breakout model. Unless there is a sharp rise above $ 170, we will exchange the fine tuning items mentioned above in the chart for an hour with the first $ 100 goals.

All graphics courtesy of Trading View

This is not an investment tip. Do your research.


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