Ethereum price analysis reveals that the queen of cryptocurrency Ethereum (ETH) has finally found support against Bitcoin.
However, to their disappointment, BTC came crashing down and has been on the decline since then.
Since the beginning of May, the Ethereum price has been on an avalanche with a rather volatile pattern.
A pattern although bullish has tried making some advances towards the top bars on the chart. ETH is nearing the support are that’s quite vital for the bulls to keep if BTC is to avoid another major avalanche.
Ethereum price analysis – short term
The short-term analysis might give a clearer picture of the situation which shows an all-time low for Ethereum urging sellers to takeover charge in the crypto-space. The oversold territory is currently in the green. According to past results, 2016, this should turn into a turnover but no bullish signs are visible, thus far.
Ethereum price analysis – current pattern
A descending channel has enclosed Ethereum since July 9. Ethereum has since been trading in a closed space.
A bullish hammer is visible near the closest support line.
A reversal seems to be afoot but. But such a move isn’t considered bullish in the least as the moving averages (MA) gives clear signs for counter reversal that will bring Ethereum back down.
Ethereum has been trading under the one hundred (100), two hundred (200) day moving averages of August 4 and the August 7 ten (10) and (20) day moving averages.
Ethereum price won’t be changing its course. If anything unusual happens, at most, a little upward action will be visible due to the bullish hammer.
The next resistance for Ethereum if-defying all odds- it goes bullish, will be at 0.019BTC.