After a high $178 earlier this week, Ethereum price is having a hard time staying afloat above the $170 level. Currently trading at $169.32 on Bitfinex, the market seems to be recovering. Today wasn’t the best day for cryptocurrency as its market cap lost close to $10 billion in value. Let’s take a look at Ethereum and see if the charts tell us anything.
There aren’t any new major developments since yesterday. In my previous Ethereum price analysis, I mentioned how Vitalik was “very confident” about ETH 2.0. With the current network congestion, Ethereum desperately needs an update. If ETH 2.0 launches successfully, we should anticipate a price increase.
Moreover, it looks like ETH 2.0 is planning to showcase the new network at Devcon in Germany on November 19th-20th. The Ethereum Foundation put out a developer experience survey, looking for feedback from the Ethereum community. According to the survey:
We’re planning a breakout session at DeVcon to bring together Application developers and those working on ETH 2.0 Phase 1 & 2 R&D.
The survey is meant for developers, but you can still take it even if you are simply an ETH miner or investor. It takes roughly 5 minutes to complete and asks you some pretty technical questions. The goal is to gather input to see what the community is interested in to help improve the presentation.
Relative Strength Index: The current RSI is at a modest 42 points. The market definitely lacks some strength, especially after dipping all the way down to 20 points during the selloff earlier today. At this point the market is simply looking to hold the current support.
Bollinger Bands: Both bands are converging after the price dip earlier. Since the market is trading sideways while looking for new support, the deviation will continue to shrink. This could also mean that a breakout could be imminent as the market’s past action was bearish.
Volume: Unfortunately the volume is extremely low at the time of writing. This is most likely due to the fact that its Friday and markets are usually calmer on the weekends.
In my previous Ethereum price prediction article, I predicted that the price will most likely retrace slightly but won’t make any major moves:
“Most likely the price will retrace slightly towards the MA line and harness power at that level for the next move.”
It looks like that’s what happened when ETH retraced to $167. My prediction for Ethereum’s next movement is going to be bullish. With the new of ETH 2.0 making the rounds, a solution to the current network congestion is around the corner. This will undoubtedly send Ethereum’s price to the moon sooner or later.
Ethereum Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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