Ethereum is currently trading at $132.92. The price is up by 3.82% in the past 24 hours. The price started an upside correction after breaking resistance at $125 and the bullish momentum has sustained above $130. This is just in the last day. Let’s see what’s happening with Ethereum and if we can correctly predict what’s to come.
When I analyzed the chart, I spotted a bearish trend post $132, however, we’ve crossed this price and there are no signs of retreat. If the sell off begins, the price may drop back to the $125 level within 24 to 48 hours.
The price is currently rising against the USD due to several reasons, including President Trump’s impeachment and the Phase 1 agreement between US-China. The pair is likely to break above $135 if the momentum continues on the upward side. The pair is still holding support against USD.
Ethereum’s recovery from $115 has been nothing less than dramatic. The price may cross $130 after the trend reverses. Sellers have tested the resistance several times in the past two weeks. The candle formed at $132 is showing that gains may get corrected if the momentum rests. When the price was below $130, it had crossed SMA 100. There are several support levels below $132, at $127 and $129.
The recovery may come on Christmas Eve. Ethereum’s price may drop below $120. If the altcoin crosses $134, it may hit $140 level. The chart clearly shows an uptrend forming, another bullish wave may get triggered at $135.
Bitcoin’s recovery has triggered Ethereum’s price action and past several days and weeks. Ethereum’s price action has been bearish for the last two months. Bitcoin has been struggling with its recovery and Ethereum took the plunge when the bearish price action started.
Though Ethereum 2.0 showed positive signs for Ethereum’s growth, there may be a chance that Ethereum may recover from its lows this holiday season. Ethereum traders have been bearish for most of 2019 and this may be the best time for the trend to reverse. There’s one caveat; if Ethereum plummets, it could realistically drop by 25%.
It is currently trading under its peak, and this is curiously close to its weekly ATH. Ethereum’s low was below $125 last week and it hasn’t faltered. Though caught between a significant uptrend, the cryptocurrency has proven that it is no longer an Altcoin, though it may be labelled as one.
A big move is on the way for Ethereum. Which direction it goes is left to be seen.
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