Ether (ETH) Looks to Break Nearly 2-Year Bear Market Against Bitcoin
Horus Hughes's original article for cointelegraph.com reduced by 40%
The Nov. 15 drop from $186.59 brought Ether price below the ascending trendline and below the $177.57 area where the altcoin has bounced on 3 previous occasions. The Bollinger Bands and underlying support at $177.57 and $176.79 suggest that Ether has temporarily bottomed and the price is likely to make an attempt to return to the middle Bollinger Band moving average, which is directly aligned with the ascending trendline at $185.28.ETH USD 6-hour chart.
In the daily timeframe, one can clearly see that Ether price continues to press against the descending trendline. Despite Friday's pullback, Ether price remains in an ascending channel with the 12 exponential moving average above the 26-EMA. Breaking above the descending trendline would be notable as Ether price has been trapped below the trendline for 22-months.
This would be significant as Ether leads altcoins by market capitalization and at the moment handfuls of altcoins are showing identical chart setups or have already crossed above the 200-DMA and the descending trendline. A move above 0.021581 would clear the high volume node shown on the volume profile visible range and bring Ether price right to the long-term resistance at 0.021999. The VPVR shows that there is minimal selling pressure above this level and Ether would be en-route to take out the 200-DMA.
Assuming Ether is able to remain in the ascending channel and overcome the resistance levels mentioned above, the altcoin could be potentially gain 18.15% before encountering resistance at 0.025346.
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CN [too long; didn’t read]
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