Ethereum: weekly market analysis - Price Prediction
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Ethereum: weekly market analysis - Price Prediction

By Roberto D. | Price Analysis | 10 Dec 2019


Ethereum: weekly market analysis (from 4 December to 10 December 2019 on a BTC / ETH pair)

 

On Sunday the Istanbul hard fork passed, the first step towards the revolution that will be for ETH the abandonment of the POW consensus protocol in favor of the POS protocol; it is therefore no coincidence that on Sunday the market responded positively, giving a nice green candle that healed the accumulated losses in the previous three days, a bullish movement that found continuity even yesterday. The market, therefore, has already served the hard fork, but the enthusiasm of the bulls has not been as violent as anyone expected; having said that we go immediately to take a look at the graphs and try to understand together how the situation has evolved.

BTC / ETH Istanbul refreshes the bulls, but the effect will not last long

As for the 30D chart the situation is not particularly rosy, this month's candle, which had also opened above the pivot point, has already broken this level and tested the S1; if this support were also broken the next battle between bears and bulls should take place between 0.0165BTC and 0.017BTC. As far as the 7D chart is concerned, the situation is not that much better, in fact the price is not able to get back above the EMA20, although it has tried all through this year, the MACD is about to go bearish, as well as the parabolic SAR . As for the 1D chart, what happened in the last two days might lead us to want to buy, however we must remember how the 7D and 30D time frames show a decidedly bearish scenario and avoid falling into the trap; it is however sufficient to look at the ichimoku clouds to understand that it is not the case to go and make the kamikaze with ethereum, the levels to keep an eye on to decide what to do are, in any case, the same ones we identified on Tuesday last, for which share 0.019BTC for the support and quota 0,023BTC for the resistance.

Weekly forecast

At this time the most probable scenario for ethereum does not contemplate large volatility explosions, after the hard fork there is no longer any reason to expect emotional responses from operators; it is quite possible that the push of the bulls of the last two days will continue until the price is near the upper edge of the bollinger bands on the 1D chart, but it will be difficult to go above the 0.02121BTC level. The alternative is a return to the 0,01944BTC area, if the bears were able to trim the deadly leg, but I think that at least for next week we will continue to move between these two levels; personally I continue to advise against buying at this time also because I am moderately convinced that by the end of January at the latest the price will return to almost 0.016BTC (historic low for this 2019) and I believe that is the point around which it will be possible to evaluate the possibility of buying, always assuming that the situation has improved in the meantime and that there has been a convergence of bullish signals on both 30D time frames and 7D time frames. For now, therefore, there is not much else left of intelligent things to do but wait, only time can tell us which way the situation will take.

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


Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015 Telegram channel: https://t.me/dumbwaystoearn


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