Researcher: Google Quantum Breakthrough Could Improve Proof-of-Stake

5m
cointelegraph

Paul Puey on Time Preference - WBD159

11m
letstalkbitcoin

$200 Mln Worth of Bitcoin Longs Liquidated on BitMEX After Massive BTC Price Crash

11m
utoday

Zuckerberg: Facebook Won’t Be Launching Libra Without Regulatory Approval

11m
cryptoglobe

SoftBank Unveils $9.5 Billion WeWork Rescue, Cuts Most Ties with Neumann

15m
cryptonewmedia

Bakkt Bitcoin Futures Volume Bounces to New All Time High

16m
beincrypto

Daily Trending News and Market Sentiment: 10% Crash, Libra Testimony Underway

17m
bitcoinnews

Gold Price Regains Its Shine as U.S. Economy Flashes Two Warning Signals

23m
cryptonewmedia

Bitcoin, Ethereum, XRP Experience Monumental Losses As Market Drops $12 Billion In Minutes

29m
zycrypto

Bitcoin (BTC) Bullish Setup Still Remains Valid

29m
cryptodaily

Bitcoin Collapses below $7,500 after Brexit Breakthrough

30m
newsbtc

Bakkt Achieves a New ATH With 363 BTC on its 1st Monthiversary Amidst Bitcoin Price Drop

35m
coingape

XLM Has Been Increasing Since Coinbase Announcement — Analyst Suggests That Will Continue

41m
beincrypto

The Bitcoin Update: BTC Price Drop, Panic Selling by Bitcoin Miners, Bitcoin Halving

42m
cryptoglobe

CoinSpot lists Australia’s first gold and silver-backed cryptocurrency

1h
cryptonewmedia

FATF’s regulations will push criminal activity to privacy coins: CipherTrace CEO

1h
bitcoinwarrior

New Members Added to Ripple’s Regulatory Team, Will Experience Improve the Blockchain Association?

1h
cryptodaily

Flash Crash Sends Bitcoin Price Below Key Moving Average

1h
newsbtc

Crypto Bloodbath: Bitcoin [BTC] Slips to $7.5K; $200 MM Longs Liquidated on BitMEX

1h
coingape

Bitcoin Has Been Hijacked by Communists, Claims BSV Supporter

1h
beincrypto

Bitcoin Price Movement Looks Like ‘Absolute Garbage,’ Claims Analyst

1h
beincrypto

Time to Buy Bitcoin, Stop Yelling about Gold, Says New Grayscale Commercial

1h
utoday

Voyager Digital to pay Users Interest on Bitcoin (BTC) Holdings

1h
cryptonewmedia

Dow Wobbles as Trade War Sinks Its Fangs Into Corporate Earnings

1h
cryptonewmedia

Russia’s Villainy Prevents Call of Duty Launch on PlayStation Store

1h
cryptonewmedia


Ethereum Price Analysis: Possible Double Bottom for ETH/BTC?

beincrypto

3mon ago

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.

You buy :

In dollars :

To email :

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.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments