Ethereum price drops down to $177: What to expect?

Ethereum price has seen another crash in the last 24 hours and this is not an easy time since the year is coming to an end Bitcoin price is also volatile and there is no certainty as to what would happen next.

Ethereum network did not witness any drastic increase in ETH price following similar drops in 2019 and currently, its price is $177.

Ethereum price chart 1 - 18 November 2019Ethereum price chart by Trading View

The market cap of ETH is $19.75 billion and a trading volume close to $7.8 billion as per CoinMarketCap. Moreover, ETH changed hands mostly on the EXX exchange, and it accounted for about 4.08% of trade volume over the twenty-four-hour window. Whereas, Bitcoin price is also not in a very good condition at the time of writing.

Ethereum price movement: What to expect?

The mid-term chart indicates that the Ethereum price is entering into a right-angled expanding wedge pattern close to the end of October, along with a decreasing trend in volume over the period of the pattern.

A descending trend in volume indicates that a right-angled widening wedge pattern, although in few numbers, but can be seen. Such type of patterns tends to breakout upward in almost 54 percent of cases. Though, trend reversal happens much often, about 70 percent.

ethereum price chart 2 - 18 november 2019Ethereum price chart by Trading View

Whilst, this seems to indicate that ETH will likely break out of the downward pattern, the MACD and the signal lines tend to pose for a cross over that would be bullish, which implies that there could be an upward movement for short-term.

Furthermore, a divergence of the EMA ribbon lines from the mean revision could be detected, trending over the ETH price. Although, this applies usually downward pressure on the price, however; a bullish MACD crossover can push the price over the diverging lines, thereby, compelling ETH in the upward movement.

Whilst, the breakout seems to be occurring downward, ETH can move upward during the short-term, most probably over $190 in upcoming days.

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