Ethereum (ETH) Price Analysis – ETH Struggles Below $150 But Forms Cup-and-Handle Pattern

6 December 2019 | Updated: 6 December 2019

Ethereum has been trimming loss since the market recovers from a low of $131 to $159 in late November. Currently, ETH has become weak for past days and its price has now dropped to $148. However, we can expect the second-largest cryptocurrency to correct gains as soon as the buyers turn back active in the market.

Ethereum (ETH) Price Analysis: 4H Chart – Bearish

Key resistance levels: $150, $159, $174
Key support levels: $145, $140, $133

On the 4-hour chart, Ethereum is forming a cup-and-handle pattern that is likely to set a bullish swing soon. The price targets for the current bullish formation is $174 but there’s near resistance at $150, followed by $159. We can see that the bullish formation is gradually playing out on the technical indicators.

ETHUSD, 4H Chart – December 6

Though the RSI and the MACD are following a sideways trend to shows that the market is indecisive at the moment. Should the ETH price keep trimming loss, the market could fall to $145, $140 and even back to $133 support. The current pattern for Ethereum is likely to set a bullish run any time from now.

Ethereum (ETH) Price Analysis: Hourly Chart – Bearish

The hourly chart for Ethereum shows that the sellers are gaining control of the market for the past 8 days now. More so, the price action is still shaping inside a descending channel pattern. While trading around the channel’s upper boundary, the ETH market is subdued with choppy price actions.

ETHUSD, Hourly Chart – December 6

If the market keeps respecting the channel pattern, we can expect a price fall to $144 and potentially $140 support. On the other hand, a channel breach could send the market to $154 and $158 resistance. The MACD is currently showing a sign of indecisiveness as well as the RSI which now sitting on the 50 level. Technically, a potential price shake is around the corner.

ETHEREUM SELL SIGNAL

Sell Entry: $148.3
TP: $144.6
SL: 151

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Michael Fasogbon

Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.