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    Home » ETH » Ethereum Price Analysis Oct.21 and Overview: A possible move to end the sideways?

    Ethereum Price Analysis Oct.21 and Overview: A possible move to end the sideways?

    Author: Jonathan Goldman

    Last Updated Nov 14, 2021 @ 11:40

    As we can see at the moment the market is moving sideways inside a long descending triangle formation; a triangle has been developing for months now.

    ETH is currently ‘locked’ inside a channel between the $205 resistance areas to the $192-$186 support level.

    This article was first published on Oct 25, 2018

    ETH 4 hours chart

    – Since the last spike upwards, ETH has been attempting to break the resistance level of $205 (upper side of the channel) and had managed to slowly climb above the 55 EMA, which at the moment acts as a very close support level.

    – If the bulls succeed in this mission and price will breach the $205 level, then the next resistance level will be the marked blue doted trend line – $210 ( this downtrend line haven’t been broken since mid-August).

    – If the trend line is breached as well, then the next resistance level will be the $222-$226 price area which is the center of the previous triangle formation that had been broken to the downside, during last week.

    – On the other hand, if the bears take the lead, they might try to pull ETH to the lower side of the channel at $192-186, and a break below those levels will open the door for a much more significant price drop with potential targets at the $170 price level.

    – At the time of writing the RSI is above 50 creating higher lows and higher highs.

    – The MACD histogram moved to the upper half of the 0 level which is a positive sign

    We anticipate another attempt to break the resistance level in the next few hours, an attempt which will determine the next short to mid-term direction.

    eth_oc21-min

    The ETH Logarithmic daily chart

    The log chart is better suited for a longer time frame and the big picture.

    What is a logarithmic chart?

    A logarithmic scale chart refers to a type of chart that displays the distance between price movements along the y-axis in percentage terms as compared to a typical stock chart which uses an Arithmetic method.

    As we can see in the following chart, ETH is back at the July 2017 price level which acts as a historical support level at the moment.

    eth_oct21

    If those levels will get broken, it opens the door for a very bearish price scenario. But, at the same time,  there could be a bear trap scenario: a fast and deep break and an immediate correction back up that will end up as a Hammer Candle with a long wick (bullish type of candle when appears at the end of a move down and even better on a strong support level).

    eth_oct21d

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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    About The Author

    Jonathan Goldman
    More posts by this author

    Jonathan Goldman Is a full-time Crypto trader since late 2016. He started his journey trading stocks and bonds. He has a deep understanding of Elliott waves principle and market sentiment. He is a real Crypto enthusiastic and a contemporary artist. Researches ICO projects' fundamental analysis as a freelance. Contact Jonathan: LinkedIn

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