Ethereum Price Analysis Nov.2: Will ETH finally overcome the $205 resistance?

The BTC chart is currently trading in the middle part of the triangle formation from the daily chart.

This descending triangle or falling wedge formation (depending on your personal viewpoint) is the leading formation in the crypto market at the moment, and the break out of this formation will determine the market’s next direction.

The alt coins arena has been pretty hot lately with moves of 25-50% and a lot of risky opportunities to take advantage of.

ETH wasn’t the most active coin; it has been trading in the $205 – $190 channel for 3 weeks now.

Looking at the 4-hour chart

-It is very likely that the bulls will try to attack the $205 resistance level for the 4th time ( since the inception of this channel).

– If the bulls manage to break above the resistance level, then ETH will have to fight the 200 EMA and the downtrend line from the daily chart (blue) at the $208 area, and it won’t be an easy fight to win. If the bulls manage to climb above the daily trend line and the 200 EMA, then the next target might be at the $223 price level.

– On the other hand, if the bears take over, there will probably be another decline towards the lower side of the channel at the 192$ support level.

– RSI is currently climbing nicely. Looking at the lower time frames, the RSI is already getting very close to the over-bought regions.

-The ETH chart is currently getting supported by the 55 EMA and the smaller group of EMAs which gives ETH the strength to try the resistance level one more time.

ETH/USD BitStamp 4 Hours chart

Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

More news for you:

By Toju Ometoruwa  /  Jan 22, 2019

Can The New Bitcoin ATM survive in Venezuela’s Tightly Restricted Forex Market?

By Gideon Nave  /  Jan 21, 2019

The Origins of Economic Decision Bias and How They May Relate to The 2017 Bitcoin Bubble

By Toju Ometoruwa  /  Jan 21, 2019

Could The US Government Shutdown lead to a Bitcoin ETF approval?

By Arnon Benshahar  /  Jan 21, 2019

3 Blockchain Conferences You Don’t Want to Miss in 2019

By Ali Raza  /  Jan 21, 2019

tZero Announces the Launch of its New Regulated STO Platform

By Yuval Gov  /  Jan 21, 2019

Bitcoin Price Analysis Jan.21: The Bears Are Still Here. Will The Crucial $3500 Hold?

By Felix Mollen  /  Jan 20, 2019

What is Poloniex? Beginner’s Guide To The Veteran Crypto Exchange

By Mandy Williams  /  Jan 20, 2019

Market Weekend Watch: BTC Drops $200 In Just Two Hours

By Yuval Gov  /  Jan 20, 2019

Bitcoin Price Analysis Jan.20: Some Weekend Price Action With Lack Of Volume

By Ali Raza  /  Jan 19, 2019

Binance Coin (BNB) Gains Over 18% Ahead of Binance Blockchain Week

By Toju Ometoruwa  /  Jan 19, 2019

Hash Rate’s Recent 10% Recovery Might Indicate a Healthy Bitcoin Market

By Ali Raza  /  Jan 18, 2019

7 Things You Probably Didn’t Know About John McAfee

By Felix Mollen  /  Jan 17, 2019

What is eToro? Beginner’s Guide To The Social Trading Platform

By Toju Ometoruwa  /  Jan 17, 2019

Ripple Adoption: The Largest Payment Across RippleNet That Made by Mercury-FX (From UK to Mexico)

By Ali Raza  /  Jan 17, 2019

Grin (GRIN) Value Drops 98% in His First Day of Trading: Here is Why

By Felix Mollen  /  Jan 17, 2019

Mid-Cap Altcoins Gain 30-50% a Day: Is The First Altcoin Season of 2019 Already Here?

By Yuval Gov  /  Jan 17, 2019

Bitcoin Price Analysis Jan.17: More BTC Sideways Action, Decision Soon To Be Made

By Benjamin Vitáris  /  Jan 16, 2019

What is Mimblewimble? The Complete Beginner’s Guide

By Jonathan Goldman  /  Jan 16, 2019

Ripple Price Analysis Jan.16: XRP Steady Despite BTC’s Weakness

By Toju Ometoruwa  /  Jan 16, 2019

ICOs issued $24.2 Billion In Tokens To Themselves In 2018, Where Did It All Go?