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Ethereum Price Analysis: Possible Double Bottom for ETH/BTC?open_in_new
On July 9, 2019, the Ethereum price reached a high of ₿0.029. A rapid decrease ensued, and the price reached lows close to ₿0.023 the next day. ETH reached similar values on July 11 and 12.
Where will the ETH price go to next? Below, we are going to analyze Ethereum in different time-frames alongside technical indicators in order to answer this question.
For our previous analysis, click here.
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A look at the daily time-frame shows that the Ethereum price has been trading inside a descending channel since the beginning of 2019.
At the time of writing, ETH was trading slightly above the support line of the channel.
The previous two times it touched the line, an upward move towards the resistance line began.
A closer look at Ethereum price movement shows that the daily candles for July 10 and 11 had long lower wicks.
The ETH price created a hammer on July 10, albeit a bearish one, and followed it with a bearish doji.
While the potential for a reversal is not as strong as it would be if the hammer was bullish, it is still there.
The long lower wicks indicate that there is significant buying pressure near the support line.
Will the price begin an upward move again? Let’s take a look at some technical indicators in order to find out.
Since June 25, ETH has been generating bullish divergence.
This divergence, however, is not present in the MACD nor on longer-term time-frames.
Additionally, a look at the moving averages gives a bearish outlook.
A long-term bearish cross between the 100- and 200-day MAs transpired on June 10.
The short-term 10- and 20-day MAs did the same on June 15.
Since then, the Ethereum price has been trading below both MAs, facing close resistance from the 10-day one.
While there have been two attempts to move above the MAs, on July 1 and 7, respectively, they both proved to be unsuccessful — stopping at the 20-day MA.
So, while the RSI suggests that an upward move will soon begin, there is plenty of resistance for the price left to clear.
In the short-term, we can see that the price has been trading inside a symmetrical triangle since July 10.
It is approaching the point of convergence between resistance and support.
If the price breaks out, the closest resistance area is found near ₿0.025.
According to the RSI, this is likely.
There has been a bullish divergence developing in the lows reached on July 10 and 11.
Therefore, we believe that ETH will initiate a short-term upward move towards ₿0.025, and possibly the resistance line of the channel.
The Ethereum price has been trading inside a descending channel since the beginning of the year.
Both short- and long-term indicators suggest that the price will soon begin an upward move.
The closest resistance area is found near ₿0.025.
Do you think the Ethereum price will break out from the triangle? Let us know in the comments below.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images are courtesy of Shutterstock, TradingView.
As a trusted news outlet in the blockchain and cryptocurrency industry, BeInCrypto always strives for the highest journalistic standards and adheres to a strict set of editorial policies. BeInCrypto is an independent website with authors and management that may personally invest in cryptocurrencies or blockchain startups.