TOP 3 price prediction Bitcoin, Ethereum, Ripple: The Eternal Prince, King of the Altcoins
|- Maximum volume for the Ethereum at Binance Exchange in the week leaves a lousy feeling.
- 2.4 bl of ETH/USD were negotiated with a negative final balance, the opposite of what was seen yesterday in the BTC/USD.
- The Ethereum graph lacks points similar to the good feelings of the BTC/USD.
The second article of the special triad of analysis and today it is the turn of an Ethereum that surprised me because I expected more from the eternal prince of the Cryptocurrencies, King of the Altcoins.
Despite the apparent parallelism of the ETH/USD and the BTC/USD a preliminary analysis already reveals some disturbing differences, probably due to the real reason behind the renewed optimism in the sector: the negotiable funds on Bitcoin.
ETH/USD 240 Min
The ETH/USD is currently trading at $285 price level, just above a congested price resistance that governs the development of the Ethereum from the relative lows of August 15th. The day before, an accelerated bearish trend line was tested that crosses the existing top-ranking figure, a long-term bearish channel that starts from the days of historical highs.
Above this resistance, now support, the first obstacle for a possible bullish ETH/USD development is at the $300 level where the EMA50 is currently running. If this first hurdle can be overcome, the Ethereum would face a significant resistance level of $313.
The importance of the level is given by the repeated attempts, all unsuccessful, it has had in the recent days. Above this price the scenario turns neutral, meanwhile, the path to lower prices is the most likely one.
To make it even more interesting, the SMA100 at 240 Min is currently at $328, so the crossing will not be easy and becomes a perfect test of Ethereum's real future intentions.
Below the current price, the Ethereum has multiple supports, the first of which is the support level due to price congestion at $260. This level has already stopped the drop last week and a re-test could be possible. If on this second occasion the support fails, immediate destination at the $220, a critical point that could possibly define, if not the fate of the Ethereum, at least its tone for the forthcoming months. Downwards, without nuances.
The MACD on the weekly chart shows a bearish continuity profile. Nothing indicates a likely upward turn. There is a loss of strength due to its progressive flattening.
The MACD on the daily chart shows a radical upward shift from a clear bearish cross. A downward correction may occur, but a bullish cross is almost inevitable.
The MACD in 240 min shows an indicator that has failed in its first attempt to move to a positive zone with an upward profile indicating that another possible crossing attempt is near in time.
The Directional Movement Index on the weekly chart shows salespeople controlling the situation without stridency but in a forceful way.
In Daily, Chart buyers have reacted to the arrival at points of purchase with clear Stops and have made their bets. Vendors decrease their positions possibly due to the arrival of bearish targets.
In the 240 Min chart, the DMI shows a continuous exchange of positions between buyers and sellers, with sellers now in control while it seems that sellers want to get back on top.
ETH/BTC - Family Affairs
Now I am going to analyze the internal relationship between Ethereum and Bitcoin looking for some more clarity. First of all, I would highlight the strong negative trend of Ethereum with respect to Bitcoin that has been dragging on since mid-May, a continuation of the downward trend that comes from the Boom of late 2017 and early 2018. During this bullish explosion, Ethereum's behavior was much better than that of Bitcoin, which is entirely logical, since in times of optimism there is a tendency to increase the Beta of positions with riskier assets such as Altcoins.
It turns out that the ETH/USD is at a similar technical point in time as it was then, resting on the trend line that gave the signal at that time for the start of the price hike. The situation may or may not be repeated, but it is a fact to be taken into account and a key point to watch to confirm future movements. This graph may be one of the keys, share it.
The MACD is very divergent from the price, providing a strong point of upward change for the interrelationship between the King and the Prince.
For its part, the Directional Movement Index shows sellers in absolute control, but following a pattern that usually develops by reversing positions and giving control to buyers.
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