Ethereum price is struggling to gain bullish momentum against the US Dollar and Bitcoin, and ETH/USD remains capped by a major hurdle near $230-236. The Status: ETH price remained below the $230-236 resistance area and failed to gain traction against the US Dollar. Yesterday’s highlighted bearish trend line with current resistance near $228 on the hourly chart of ETH/USD (data feed via SimpleFX) is still intact. The price has slowly moved below the 100 hourly SMA, but there is no major move below $230. Technial Aspect During the past few days, there were only range moves in ETH price above the $205 level against the US Dollar. On the upside, the price struggled to break the $230 and $236 resistance levels. There was no major action during the past few sessions,
Bitcoin price could be due for an upside break from this short-term consolidation pattern, which looks like a bullish flag on long-term time frames. The Status: Bitcoin price is still stuck in its symmetrical triangle pattern just below its all-time highs. A downside break could inspire a larger correction from the rally while an upside break could lead to the creation of new record highs. Technical indicators are mostly signaling that further gains are in the cards. Technical Aspect The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. Also, the gap between the moving averages is getting wider to indicate that bullish momentum is getting stronger. The 100 SMA is holding as dynamic support at the bottom of the...
Bitcoin price might be done with its correction and the Fibonacci extension tool shows how low it could go from here. The Status: Bitcoin price is completing its pullback to the broken triangle support at $2400. This lines up with a Fibonacci retracement level and the extension tool shows the next potential support areas. Technical indicators are showing that the selloff could resume around these levels. Technical Aspect The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. At the same time, the 100 SMA lines up with the broken triangle support to add to its strength as resistance. The 200 SMA dynamic inflection point is closer to the triangle top, which might be the last line of defense in this downtrend p...
Any time there’s a major correction or major upsurge in values for any market, opinions and tempers flare about what could have caused it? When prices plummet, people tend to get especially upset. The recent collapse in the price of Ethereum (ETH) has led some to speculate about what could have caused the problem. Cointelegraph conducted a survey about the potential causes for the decline and the responses were interesting. The majority of respondents believe that ICO token sell-offs have caused the price decline. The massive rise in ICOs over the past months have led to a large amount of ETH being gobbled up in the attempt to raise funds. As startups seek to capitalize on funding by selling, the market may well have been flooded with available ETH, driving down the price. Othe
Dash price has started a correction against the US Dollar and Bitcoin, and now DASH/USD has to settle above $150 for more gains. The Status: Dash price after heavy declines towards $120.00 versus the US Dollar found support and moved higher. There was a break above a key bearish trend line with resistance at $134 on the hourly chart of DASH/USD (data feed from Poloniex). The price is currently trading near a major resistance area at $150, which is acting as a pivot. Technical Aspect Recently, we saw heavy declines in Dash price below $140 against the US Dollar, as it followed cryptos like BTC and ETH. The price traded as low as $120.04, which acted as a strong support for Dash and a recovery was initiated. The price recovered well and managed to move above the 23.6% Fib
Ethereum price has corrected substantially against the US Dollar and Bitcoin, and the ETH/USD pair is slowly gaining back the bullish momentum. The Status: ETH price extended its correction and moved above the $165 level against the US Dollar. Yesterday’s connecting bearish trend line with resistance at $166 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken. The price is also above the $178 resistance zone, which is currently acting as a support. The $190 resistance is being tested at press time. Technical Aspect There was an improvement in the market sentiment which is why ETH price corrected above $165 against the US Dollar. The price after trading as low as $136.55 started a decent correction. First, there was a move above the 23.6% Fib retracement l
Bitcoin price is in the middle of a correction from its selloff and a return in bearish pressure could allow the downtrend to resume soon. The Status: Bitcoin price is trending lower, moving inside a descending channel connecting the highs and lows since mid-July. Price just bounced off support around $1850 and is pulling back to the resistance. Applying the Fibonacci retracement tool on the swing high and low shows the potential upside inflection points. Technical Aspect The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. In addition, the moving averages are close to the channel resistance around $2350 to add an extra layer of defense. A break past this area could signal that bulls are back in the game. S...
No one can say there is such a thing as a boring day in the world of Bitcoin and cryptocurrency. After the onslaught of price declines throughout the weekend, we kick off this Monday on a positive note. All currencies are seemingly recovering their losses. The Bitcoin price surpassed US$2,000 again, but it looks like Ethereum is the winner of the day so far. Other currencies all doing quite well too, for now. CRYPTOCURRENCY MARKET SEES A DEAD CAT BOUNCE Even though we are not a big fan of the term “dead cat bounce“, it accurately describes what is going on in the cryptocurrency world right now, by the look of things. The markets are showing signs of positive momentum, but there is no reason to get overly excited just yet. After all, the gains made today can easily be wiped out in an
Ethereum classic price managed to recover well versus the US Dollar and Bitcoin, and ETC/USD is now placed well above the $14.00 handle. The Status Ethereum classic price has outperformed ETH and moved above $14.00 against the US Dollar. There was a break above a major bearish trend line with resistance at $14.00 on the hourly chart of ETC/USD (Data feed via Kraken). The price is currently struggling to clear $15.00, but remains supported on the downside. Ethereum Classic’s Decent Recovery It was a sell ride for ETC price recently as it followed ETH and BTC and moved below $15.00 against the US Dollar. The price declined heavily before finding support at $12.75. Buyers were able to defend the mentioned level, and the price recovered well. The upside move was decent, as
Ethereum price maintained its bearish bias against the US Dollar and Bitcoin, and the current correction in ETH/USD remains capped near $155-178. The Status: ETH price declined further below $140.00 against the US Dollar and currently correcting higher. There is a new connecting bearish trend line with resistance at $166 forming on the hourly chart of ETH/USD (data feed via SimpleFX). The price remains capped near $155 and $178, and any major recoveries may find hurdles. Ethereum Remained in Downtrend The past few days were super bearish for ETH price as it declined below $200 and $180 against the US Dollar. The price recently traded as low as $136.55 where it found bids and currently correcting higher. It has already moved above the 23.6% Fib retracement level of the