A look at the Weekly chart for Ethereum in logarithmic form shows that after breaking down through the $180 support, the price is trading at $109, below the 7,21,50 period moving averages and the Ichimoku cloud.
The next support area will be found at $42-$55.
Price is facing very close resistance from the 7-period MA. The RSI is at 33, indicating neither overbought nor oversold conditions.
However, there is bullish divergence developing in the MACD, which is going up.
A look at the 3-day chart shows that price fell all the way to the minor support area at $80-$90, before starting an upward move.
Currently, the price is below the 7,21,50,200 period MAs and the Ichimoku cloud.
However, the 7-period MA is steadying, possibly getting ready to make a bullish cross. Furthermore, the MACD has lost its power and is close to making a bearish cross.
A look at the Daily chart gives a little more information about price movements.
Price retraced after finding resistance at the 50-period MA and creating significant bearish divergence.
The price fell all the way to the 0.786 fib ratio and is facing close resistance from the 7-period MA, which has made a bearish cross.
However, the MACD is close to making a bullish cross and the projected cloud is positive.
Short-Term Outlook and Price Prediction:
A look at the 4-hour chart shows that price found support at the $115-$120 minor support area for a week before breaking down.
The area now acts as resistance.
Price is falling without a clear structure in place and the next support area is found at $95-$99.
I believe that during this week price will fall down to the $95-$99 minor support area.
- The price fell to a minor support area at $80-$90.
- The next area of support will be found at $42-$55.
- There is no bullish/bearish long term divergence.
Ethereum Price Prediction: Did We Reach the Bottom or Is There Another Drop in Store? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.