Ethereum Continues Its Consolidation as the Market Reaches the Terminal Point
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Key Highlights
Ethereum had been in a sideways move since August and fluctuates within the price range of $160 and $200
Currently, it is consolidating within the levels of $180 and $195
The consolidation is nearing a point of a bullish breakout
Ethereum (ETH) Current Statistics
The current price: $185
Market Capitalization: $20,158,617,441
Trading Volume: $7,870,098,688
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100
Ethereum (ETH) Price Analysis November 14, 2019
The ETH/USD pair had been range-bound move after the last bearish impulse in August. In the first instance, the price made an upward correction which was resisted at the $220 price level. Consequent to that, the coin nosedived to the previous low at $160. Presently, the coin is fluctuating between the levels of $160 and $200. Recently, in October after the bulls took control of the price, the coin is now consolidating between the levels of $180 and $195.
Every time the market tests the $195 resistance, the coin will retrace to a low at $180. This has been the price situation in recent times. Nonetheless, if the price breaks the $200 price level, ETH will rally to $220. Also, if the upward move is sustained above $220, Ethereum will recommence its uptrend movement. Then we can say that the coin is out of the range-bound zone. Meanwhile, the fluctuations will continue as long the coin is within the current price range.
ETH Technical Indicators Reading
The coin is presumed to have reversed as the bulls have broken the downtrend line. The price is trading above level 51 according to the RSI period 14. This signifies that the coin may rise.
Conclusion
Presently, Ethereum is consolidating beneath the resistance line of the channel. To be precise, the coin is fluctuating between the levels of $180 and $195. We believe that if the bulls break the resistance line of the channel, ETH will rise and revisit the previous high. It is unlikely for the bears to breach the support line of the channel because the downtrend line has been broken.
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