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Ethereum $ETH Price Outlook: Neutral

@KittyBitcoin logo
December 05 2018 19:24 UTC
Ethereum has lost -6.12% or $-6.76 in twenty-four hours. In this Midweek Edition find $ETH price action, trend, technicals and more. Or jump right to the 24 Hour Ethereum $ETH Price Outlook.

 

Price Action

The price of $ETH has fallen over twenty-four hours. The last price at press time is $103.72. In Binance moderate volume trading the daily change is -6.12%, or $-6.76:
$ETH Price Change
period % $
24 hours -6.12 $-6.76
7 days -15.59 $-19.16
1 month -50.76 $-106.92

Trend

trend is DOWN

The Ethereum quarterly trend is down. There’s been three green and six red weekly candles since the beginning of the quarter. The net price change is lower.

 

Chart

Tap / click to zoom:

http://localhost/KittyBitcoin.com/technical-analysis/charts/chart-eth-usdt-4hourcandles-2018-12-05.png

chart-eth-usdt-4hourcandles-2018-12-05

Remarks

Ether is near its 2018 low of $102.36 which printed on November 26. This low is not startling as Ethereum has seen price erosion for some months. Since the encouraging rally of April 2018 its been mostly a downhill affair for ether.

Ether has experienced a largely bearish market for over seven months. $XRP assumed second market cap overall, and stayed there. Some of this loss can be attributed to the failure of third party ether based tokens. Unfortunately these ether based ICO’s failed to garner long term investment buyers, but gained and lost temporary short term trading interest instead. Compounding the problem is the subsequent delisting of failed coins, leaving an illiquid state.

Bitcoin has also been pushing the price of ethereum down, disproportionately, over the recent weeks.

Today’s support levels are taken from Coinmarketcap 2017 data. The price is so low there is no Binance data for the current support level. This however can also be construed as a reason to buy.

Overall and taking the long term view, it is the author’s opinion that notwithstanding ether’s difficulties it is currently oversold. Today’s market doesn’t appear to hold the same view, as the short term technicals are mostly bearish.

 

Technicals

Moving Average Convergence Divergence (MACD)

The MACD on the four hour chart is bearish.

Exponential Moving Averages (EMA)

period average
7 day $107.43
25 day $111.02
99 day $127.04

The short term EMA is lower than both the medium and long term EMA, and pointing south. This is a bearish state.

Relative Strength Index (RSI)

The Relative Strength Index on the chart is 28.2. This is an oversold state.

Bitcoin Price Modifier

The 24 hour Bitcoin change is -4.93%%. This may exert a bearish influence on Ethereum today.

24 Hour Ethereum $ETH Price Outlook

neutral

  • the twenty-four hour Ethereum $ETH price outlook is neutral
  • if the price finds acceptance at higher levels the immediate resistance prints at $104.79
  • if the price finds acceptance at lower levels the immediate support prints at $103.00

 

Resistance levels: $104.79 $108.75 $112.33 $123.60

Support levels: $103.00 $90.16 $76.19

 

Invalidation: This outlook is no longer valid if the asset has performed outside of its resistance or support levels, or outside of its analysis period.

 

Reality Check

Comparing our outlook with independent results from Investing.com shows:

Asset: Ethereum $ETH
Time Period: Hourly
Summary: strong sell
Moving Averages: strong sell
Technical Indicators: strong sell

 

Disclosure

The author does not hold Ethereum $ETH at the time of writing.

About @KittyBitcoin

KittyBitcoin logo

@KittyBitcoin has provided timely and informative blockchain intelligence since 2014. Request your custom content today, browse @KittyBitcoin on Twitter® or visit the KittyBitcoin.com website.

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KittyBitcoin supplies blockchain intelligence on http://kittybitcoin.com, on industry leading websites, and through white label channels since 2014. Follow @KittyBitcoin on Twitter®.
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