Ethereum Price – A Fine Line Between Booming And Slacking, Heres How To Watch Out

Wednesday 02 December 2020, 1:19 AM AEST - 1 month ago

Today marks the day for the official launch of ETH2.0, a long-awaited event among crypto enthusiasts. The whole world is watching what will happen to the price of Ether post this awaited launch, while Bitcoin is hovering around its all-time high. What to expect in the coming days, and how to be ready for potentially strong price-action movements? Current Ethereum price – will it make it or break it?

Current Ethereum price – will it make it or break it?

Ethers price made a very interesting TA move earlier today, where it broke its previous high of USD 620 and reached a high of 2 years of USD 635, only to retrace back to previous support of USD 575.

ETH/USD 1-Hour chart, showing the important area of USD 575
Fig.1
ETH/USD 1-Hour chart, showing the important area of USD 575 – TradingView.com

This move comes after a previous break of a Head & Shoulder formation, where prices were expected to fall further if the strong psychological price of USD 500 was broken, but prices did a massive fakeout, dipping just below this level to USD 495 and retracing back up.

This is probably due to the long-awaited launch of Ether 2.0 today, which most probably helped in pushing prices back up.

A double top formation across the crypto market

Currently at play, an interesting phenomenon happened to Ether and many other cryptos, which is a double top formation.

A double top is an extremely bearish technical reversal pattern that forms after prices reach a high two consecutive times with a moderate decline between the two highs.

If we closely look at Ethers technical formation, we can clearly see this pattern forming. Interestingly, a double bottom formed in the middle, forming a sideways trend, delimited by both levels USD 625 and USD 500. Usually, a sideways trend occurs when there is uncertainty in the market: Traders and investors are awaiting if prices will breakout from this sideways trend from either side, to short or long accordingly.

The next potential scenarios are very clear:

  • Prices will most likely fall back towards the USD 500 level if there was a heavy breakout of the USD 575 area
  • Pr ...

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