- Over the past few days, Ethereum has been struggling to garner any momentum as it trades between $230 and $255.
- Data suggests that ETH only has a 7% chance of seeing any intense parabolic rally before the end of the year.
- ETH/USD has been trending horizontally for the last two days.
Ethereum has been able to post some upwards momentum recently as buyers attempted to catalyze sufficient buying pressure to invalidate its recent weakness. Nevertheless, this attempt was faltered, and massive resistance just above ETH’s current price level may be unbeatable.
According to a Bitcoinist report, ETH’s mid-term outlook may not be very bright as there appears to be only a 7% chance that the cryptocurrency climbs from its current price levels by the end of the year. This comes despite several positive fundamental developments witnessed in the past few months. Over the last few weeks, Ethereum has formed a relatively wide trading range, not able to garner any decisive momentum as it trades between $230 and $255.
A venture capitalist claimed that that the chances of Ethereum dropping lower increases the longer it remains in this trading range, as per an earlier Bitcoinist report.
The longer BTC & ETH fade here the more likely we take another leg down to test key supports, despite the strong fundamentals of both.
Ethereum does not appear to have a great chance of seeing any type of parabolic 100%+ movement by the end of the year. According to recently released data from the analytics platform Skew, the probability of ETH climbing to $480 by the end of the year sits at 7%.
Probability of ether > $480 (+100%) by End of Year = 7%. Stable coins and DeFi seems like a more sustainable product / market fit for Ethereum compared to ICOs in 2017 but the market doesn’t see it (yet?) necessarily as adding as much $ value for ether.
ETH/USD daily chart
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ETH/USD has had a slightly bullish start to Wednesday as the price went up from $243.20 to $243.67. The market is trending horizontally for now and faces resistance at $248.45. On the downside, there are four healthy support levels at SMA 20, $237, $231.50 and SMA 50. The Elliott Oscillator shows three straight green sessions, indicating that the current market sentiment is mostly bullish. The William’s %R is trending along at the edge of the overbought zone, showing that BTC/USD is currently overvalued and may face bearish correction round the corner.
Key levels
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