Buying Opportunity for the King of Altcoins: Aka Ethereum
Chartering through numbers and data, it is evident that Ethereum (ETH) has some nice gain potential in the coming Bull Run. As quoted by Baron Rothschild himself, “Buy when there’s blood in the streets, even if the blood is your on” pretty much sums up the current Altcoins scenario across the board.
Ethereum Price Analysis
ETH has completed its downtrend and has started a new cycle from this year, 2019. Ethereum price went to the lowest of $86 around December 2018, and from there, we have witnessed its steady price gain, hitting $361 around June 2019. For further analysis, let’s study 1 Week Time Frame chart as given below:
- The critical support line is marked by the red dotted line at $86.91; the key support line is marked by the blue dotted line at $179.38 and the nearest resistance at $378.12 (green dotted line).
- ETH price hit ATL (All-time low) at $86.91 last year in Dec 2018, hitting the critical support and bounced back as expected. Meanwhile, it also got rejected by resistance around $378.12 marked by the green dotted line.
- The current ETH price has found its support area around the key support line around $179.38 mark.
- Conclusion: Ethereum is back to the critical support area; thus, it is a good time to buy laddering in and HODL for the next Bull cycle.
Ethereum got rejected from the resistance line at $200 (red dotted line), and it seems like buyers were unable to push the price above it. Price is still trading above $180, which is key support, and one can observe inverse Head and Shoulder.
- If ETH trades above $180, then it has to do S/R flip of $200.
- If ETH trades below, then $161 and $152 are the support levels.
Looking at the Ichimoku Kinko Hyo system, we can observe a few things:
- Prices are struggling to get above Kumo; since Kumo resistance is small, we can expect that it will break above easily, provided we have enough volume to push through.
- We have a TK cross over (Tenkansen crossing above Kijunsen) under the Kumo, which is a weak bullish signal.
Conclusion: Ethereum is back to the Critical support level and currently hovering above key support. Any buy order from here will be profitable in the coming Bull cycle. There is a short-term trade opportunity if ETH crosses above $200 resistance. Therefore for further price momentum, just go over the Ethereum Forecast page to know all details as per future perspectives for your better experience with this coin.