Ethereum
The crypto market hasn’t moved much in the last few days. It currently acts like any other stock of the stock market and crypto traders are not used to that stability.
It is very typical for the volatility to fade away as we get closer and closer to a triangle formation apex (the end of the formation where the two trend lines, which make up the triangle, meet).
Speaking about Bitcoin, the current triangle formation started to develop around April this year. Some analysts call it a descending triangle, where the potential is for a bearish breakdown, other analysts call it a falling wedge which points on a more bullish outcome. The only thing we can say with 100% assurance is that soon we will have to see some resolution to the situation, to either side.
ETH just closed the 10th day in a row where the volatility was less than 5%. We can notice that the last time ETH acted in such low volatility was precisely a year ago, in October 2017.
– Nothing had changed since our previous ETH analysis.
– ETH trades in the channel between the $205 and $192 price levels.
– A break below this channel might lead to a decline toward the $184 and $167 support levels.
– A break above the $205 resistance level will open the door to a move toward the next resistance at $225
– RSI and the MACD indicators don’t provide any valuable info at the current situation.
Sometimes it is better to wait for the market to give more clues and indications rather than to make irresponsible trades. Always remember: Not pushing the buy button is a part of being a trader.
Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.
