Ethereum: weekly market analysis (from 11 December to 17 December 2019 on a BTC / ETH pair)

Yesterday we had a strong downward pressure which brought down the price to 0.019BTC; nothing unexpected, we had in fact signaled that this was one of the most probable scenarios and, indeed, if things go as I expect this is only the beginning, soon the pressure of the bears will push the price even lower. Moreover, those who follow us habitually know very well that we have been bearish on ethereum for a few weeks already, so the downward pressure that has begun to be seen since yesterday has not surprised us that much. Having said that, let's take a look at the charts immediately and try to identify the new fund together.

BTC / ETH waiting for the support to be broken

As for the 30D chart, the new spark plug of the month will open by the weekend, but we can already say that the opening will almost certainly take place under the pivot point; on the monthly chart, in fact, we note that there has already been, just yesterday, the break of the R1, so at this point an R2 test (in the 0.018BTC area) is certainly one of the most probable scenarios. Turning to the 7D chart, we realize, looking at the MACD, that it is unlikely that ethereum will achieve a new low, the feeling is that the MACD will return bearish, close a bullish divergence and go to score a new high; what I expect is that the price goes back down until it touches the lower edge of the bollinger bands (in the 0.01672BTC area) and then rebounds again and, perhaps, enters a bullish trend. Moving on to the 1D graph, however, and net of what may happen in the future, we immediately realize that the ethereum price can only fall immediately, at this time the bears control the market and there is no hope that this can change in the short term so there is no room for optimism from now until the end of the year.

Weekly forecast

Although with the Istanbul hard fork many have returned to look with interest at ethereum, convinced that with the transition to a POS protocol this currency will recover the centrality that at this moment seems to have lost, for the benefit of competing platforms, for now not false hope is to be made, ethereum seems to be within a markedly bearish trend. Not bad for those who believe in this currency, it will be enough to wait a while to buy at a price that is in balance; personally, and those who habitually follow us are, I am not a great supporter of ethereum, but here it is not a question of liking or dislike, the graphs are quite clear and it is not the case at this time to invest in ETH. We will see next week if the situation will be improved, for now it is almost impossible not to be bearish on ethereum.

Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only