The bad news is that the whole crypto market has begun to show signs of weakness, with the volumes that have contracted and bitcoins that seem to want to drag all the other currencies back into a new bear market; so let's avoid going further and try to understand together what is happening at ETH by taking a quick look at the graphs.
BTC / ETH we expected more from the bulls
On Thursday, November 21, the new candle of the month opened and, frankly, as things turned out, it was reasonable to expect better from ethereum; the new 30D candle, in fact, opened abundantly above the pivot point, which bodes well, except that the bears trimmed a violent paw by dropping the price almost to test the S1. It would not surprise me at this point that the prices continue to fall until they reach this level, so at least for the next ten days there is little room for optimism, while we can hope that at the end of the month the bulls will succeed in recover the accumulated losses. Let's move on to the 7D chart which shows us how delicate the situation is, ethereum is in fact moving sideways in a tight enough space so at this moment guessing which direction the trend will take is a bit like throwing a coin; eye to two price levels in particular, share 0.019BTC (which last week we indicated as the ideal price to place a stop loss) and share 0.023BTC, that is the previous last maximum that, if broken, could easily generate a discrete explosion of bullish volatility. Finally, a quick look at the 1D chart is useful for identifying the next two useful supports if the price breaks to 0.019BTC, so pay attention to the price zone between 0.0162BTC (last minimum) and 0.0173BTC, if in the coming days there should be a dump it is in this band that the accumulation will have to start again, in the case instead that the price would have to break even quota 0.0162BTC things would become quite disturbing and there would be a real risk that the ethereum halves its value compared to current prices.
Weekly forecast
The only intelligent advice that can be given at this time is to stay out of the market and wait for a break in the price levels indicated; as far as I'm concerned, I am no longer so optimistic about ETH, but there is a good chance that this currency will return to important profits in the next six months. Everything will also depend on the release of the Istanbul Upgrade, scheduled for block 9.069.000, which is expected to occur next December 7, if the market will appreciate the improvements introduced there are good chances of a reversal, so we continue to monitor carefully what will happen but, for now, better to stay out of the market.
Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only
