Ethereum (ETH), queen of the cryptocurrency, fell down with king Bitcoin (BTC) yesterday. ETH price fell from the one hundred and eighty-eight dollars ($188) range to the one hundred and seventy-five dollars ($175) range.
At precisely the time when Bitcoin price drew itself back from the tip of being trip down, Ethereum (ETH) is followed by the lead and is attempting to keep itself within the consolidating range.
The squeezing price action and the reducing trade volume tend to suggest that a significant move is expected for ETH price.
Ethereum price movement: ETH price to move slow
The twelve-hour price chart of the ETH/BTC pair indicates that the red band is a major feature on the chart’s top.
This occurrence marks Ethereum’s multi-year low that broke at the start of this year, and it can be seen that this is exactly the point where Ethereum rally lost its strength on 9th October.
By employing the Volume Profile Indicator, the position of less trading area indicate the areas of the inflection area (grey) of the structure. For now, the altcoin is an attempt to remain above this area, but the reducing range would compel ETH to break somehow.
The daily price chart indicates that a significant uptrend for ETH that began in September becoming the deciding factor on whether or not to stay an uptrend.
The latest price action indicated that a bearish divergence from the RSI along with rejection off this trend line might be sending ETH down. Today’s histogram seems significant, as the arch of the profile will predict the direction of the altcoin.
While looking at the three-day USD pairing, one can witness that this all is a comprehensive retest of the significant inflection zone around one-hundred and sixty dollars ($160) following the correction from a strong H1 2019. This zone marked the point of swinging for ETH’s massive correction, in the course of bearish market 2018, after dipping down into the double-digits.