Ethereum price to Bitcoin analysis
Updated middle-term Ethereum price forecast. Key levels to trade ETHBTC and major prospect of Ethereum future
Today, I’m going on my crypto forecast for the most popular coins, and, of course, I can't but analyze the top altcoin, Ethereum. Today, I’m going to focus on ETHBTC pair.
Let’s see, how Ethereum real trend corresponds to my previous forecast.
(ETHBTC forecastdated 26.09.2018)
(ETHBTC state as of 10.10.2018)
As I had suggested, on September 28th, ahead and after the expiration date of futures there should be excessive volatility. In general, it was so. I had expect in my previous forecast that, within the next two weeks, there should be a sideways trend with consolidation within 0.031 BTC – 0,038 BTC; I was generally right. The ETHBTC market looks like this.
However, as you know, the consolidation can’t last forever. I suggest we find out what the end will be like and what trend will follow.
Ethereum fundamental analysis
According to fundamental analysis, nothing has changed.
You see that Ethereum has been closely following the global crypto trend since mid-September. It means, there no inside drivers for Ethereuym moves in any direction.
ETHBTC technical analysis
To update the Ethereum trading scenario and find out where it will go next, I offer all-round market view.
As it is clear from ETHBTC monthly chart above, the ticker touched Keltner channel bottom border and rebounded rather high, accompanied with increased trade volumes. It is quite a positive sign, suggesting a bullish correction up to Keltner channel center, around 0.050 BTC.
In the ETH BTC weekly timeframe, you see that the rebound wasn’t supported by the trade volumes and looks like small momentum. However, it was sufficient to define the support level at 0.026 BTC and reverse MACD and RSI stochastic.
In the daily timeframe of the ETH BTC price chart, it is clear that ETHBTC is trading down. Now, there is a long consolidation, and the ticker isn’t yet going to exit it. MACD hasn’t broken through zero level and is still in the negative zone. RSI stochastic is going down towards the channel bottom border. All of this suggests that the consolidation is likely to continue for some more time; and so ETHBTC tickler will be trading between 0.031 and 0.038 for some time.
Analyzing the volumes, I see that there is a strong support level at 0.034 BTC. Besides, starting from the second half of September, there has been consolidation, looking like a symmetric triangle. Now, ETHBTC ticker is approaching the narrow angle of the pattern, and, taking into account that the point of control is below the current price, there can be an upward momentum.
Analyzing the unusual charts, the most interesting situation is indicated by Tic-Tac-Toe. It is clear there that the support level starts even earlier, as early as on September 12. In addition, MACD is quite steady in the positive zone and has been indicating bullish sentiment for quite a long time already.
My own strategy of identifying the breakout levels and the trend reversal in the Tic-Tac-Toe chart (see the last training post, devoted to this chart type), based on Gann levels, suggests multiple key levels, whose breakouts may mean the trend reversal.
It is clear from the chart above, the ETHBTC ticker has been stuck between two Gann's lines of the level 8/1 from the bearish and bullish waves. To facilitate the analysis, I removed the other lines, so that the chart looks clearer.
Finally, there is a clear triangle, like the candlestick chart painted before. This fact confirms the pattern force and significance as as the key pivot point.
The breakout of the triangle top leg should become a strong buy signal, resulting in a bullish momentum up to the channel top borders.
Updated ETHBTC trading scenario
Summing up all the above, I suggest that the market is balanced now, and rather strong foreces are holding the market inside the channel of 0,031 – 0,038 BTC. The ticker can go beyond it only if the news background changes, or there are any other fundamental drivers for the market. Meanwhile, I can surely say that, the ticker will exit the current consolidation towards the top channel part. If it happens amid strong positive, the ETHBTC ticker can well break the channel through and go higher, towards the weekly Keltner channel balance line. If bulls fails, the price is likely to roll down towards the already traded level at 0.034 BTC. That is where the market will be resting to make another move.
That is my ETHBTC trading scenario for the next few weeks. Go on following the Ethereum price and staying informed on the cryptocurrency market. I wish my Ethereum price predictions are useful for you!
I wish you good luck and good profits!
PS. If you agree with the forecast, write “+” in the comments; if you don’t agree, put “-”. If you liked the post, just write thank you, and don’t forget to share the post. It is easy for you and I will be very pleased :)
Stay informed on the latest cryptocurrency news, follow my posts on the blog.
I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders http://t.me/liteforex.
Price chart of BTCUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.