- Ethereum and Bitcoin locked below the long-term bear trend even though amid growing bullish speculations.
- Ethereum price sideways trading action range-bound within a resistance range.
- Falling wedge pattern break could see an upswing touching $230.
The market is lagging the anticipated bull rally towards the end of year. It is less than two months before this year grinds to a halt and digital assets, especially the legacy cryptos like Bitcoin (BTC) and Ethereum (ETH) are languishing below a year-long bear trend. In fact, at the time of writing ETH/USD is shows a 1% intraday loss.
In spite of the losses from last week highs at $222.5, Ethereum has remained stable above the pit stop support at $207. The price is dancing within the confines of a falling wedge pattern. This pattern is usually interpreted as a bullish breakout; in the case of Ethereum could see the asset increase in price exponentially above $220 and even test $230 in the near-term. However, the buyers must overcome the immediate resistance at the simple moving averages (50 and 100) on the 1-hour timeframe chart.
On the flipside, the support at $207 will continued to hold ground. As mentioned in yesterday’s analysis, Ethereum has a couple of support areas at $200 and $190 respectively.
A wider look at the chart shows that the sellers have an upper hand against the bulls with the MACD traveling further into the negative zone. In addition to that, the price is trimming gains even though the RSI is far from the overbought territory. The path of least resistance is sideways with the price likely to maintain within the upper range limit at $212 and the range support at $207.
ETH/USD 1-hour chart
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