The Ethereum price chart suggests a short-term decrease. However, the longer-term outlook remains bullish. The price is not likely to decrease below $160.
The long-term outlook for Ethereum remains bullish. However, it has been struggling to break out from long-term resistance for a while.
Cryptocurrency analyst and trader @cryptodude stated that the Ethereum price is in the process of decreasing below a significant support area since it has created an ”Adam & Eve” double top, which is a bearish pattern.
$ETH losing support on this range shouldn't be taken lightly.
4H PA looks like an A&E in the making.
Doesn't look great. pic.twitter.com/VrCPAM8f91
— CryptoDude (@cryptodude999) November 19, 2019
Will the price break down from this pattern? If it does, where will it go? Continue reading below in order to find out.
Descending Resistance Line
The Ethereum price recently broke down from a descending resistance line that had been in place since the beginning of July.
Once the price reached the resistance area at $195, it created a triple bottom and began a downward move that is still ongoing.
In the short-term, we can see that Ethereum has been trading inside a descending triangle since October 25. The price broke down from this triangle on November 19.
There are two support areas outlined, at $170 and $160. The Ethereum price looks certain to reach the first one after possibly validating the support line of the triangle once more.
Therefore, while Ethereum looks certain to decrease in the short-term, the long-term outlook is still bullish. Even a decrease to the second support area at $160 would constitute a triple bottom relative to the prices in September/October.
If it were to do so, it would create a trading range between $160-$190.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images courtesy of Twitter, TradingView.
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Source: Be In Crypto