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Ethereum started its most recent uptrend around the 13th of last month which took its price to nearly $2000. However, that trend generally continued till around the 13th of this month. And since then the crypto has experienced a downtrend which caused a loss of about 19.10% of its recorded gain sice the 13th of last month till now.
ETH’s Forecast Statistics Data:
ETH’s current price: is $1537
ETH’s market capitalization: $194.7 billion
ETH’s Circulating supply: 122.16 billion
ETH’s Total supply: $122.16 million
ETH’s Coinmarketcap ranking: #2
This analysis will further examine this market, to deduce what may happen henceforth. Also, we’ll try to deduce some trading decisions that could be put to use in this market or other of the same characteristics.
Major Price Levels:
Resistance levels: $1537, $1600, $1650
Support levels: $1500, $1450, $1400
Ethereum May Have Hit Strong Support, but Tamadoge Promises a Bullish Market
The most recent candlestick on the ETH/USD price chart portrays that Ethereum may have hit a strong support near $1,400 on its way to the downside. Also, this may be because traders over time have placed a pending buy other at this level. Although, the SMMA curves are still above the price candle, with this latest candle price is moving closer to this curve.
Furthermore, the MACD indicator lines have crossed the negative region. Additionally, taking a close look at the faster line of the MACD, we can notice that the tip of this line is already making a bend. Consequently, this is reflecting the appearance of the last Green candle on this chart. And, if buyers should keep buying from here henceforth, a significant uptrend may develop and price may reach $1700 and more.
Ethereum Price Analysis: Eth/Btc Possible Trend Reversal Becomes Clearer
On the ETH/BTC daily chart, we can see that the MA lines are now touching the price candles. This significantly brightens the hope of value reaching higher in this market. This is because once the MAs can cross below the value activity, the value of the pair will increase.
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However, the MACD both dampens and brightens the hopes of an uptrend. Here the curves of this indicator are plunging downwards, to indicate a downtrend. Also, we can perceive that these curves are still in the positive region, this brightens the hope that a reversal can still happen in this market. Additionally, we can see that the curve is also bending towards the slower one. If buyers should increase in number, this lines will eventually cross each other to point to an actual trend reversal. For the most part, we are left with two options, traders can either execute a buy order now or wait for the MACD to indicate an uptrend. This could be done passively by placing a pending buy order around 0.07900 or 0.08000.
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