ETH Analysis and Forecast (Nov 6th, 2018): positive signal after gloomy month

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Ethereum is inclined to make a slight recovery from as low as $190, optimistic investment sentiment will brace up the market to consolidate the trend.

After a long time moving in a narrow range, Ethereum has given encouraging sign for better outlook on chart H4 when the price succeeded in breaking through the trendline last weekend. ETHUSD recorded the highest price of the week at $218. This trendline now becomes the support for Ethereum as it is gathering engine for further rising right above the trendline.

Stochastic oscillator has just stepped in the bullish area at around 60 point so investors should wait for this fragile uptrend to be reinforced by fundamental factors.

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ETHUSD chart H4 Nov 6th 2018

On time frame H4, the two EMAs, namely EMA 50 and EMA 78, have crossed over below the price which indicates a bullish hint in the short term. This recovery is expected to help the market escape the persistent bear trap. However, it is highly recommended that you should be cautious with crypto whales whenever the price pretends to reverse. Cryptocurrency market is still immature, and as a consequence is easily suffered from manipulation from crypto whales

Currently, ETHUSD is traded at $213.54 by 15:58 GMT+7 struggling above the Fibonacci 38.2 ($213). If the pair manages to close high above this threshold today at around $215, the upward trend is confirmed. Following the rising waves, Ethereum is predicted to test stronger resistance at Fibonacci 0.5 ($221) and 61.8 ($229) in the near future.

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ETHUSD Fibonacci chart H4 Nov 6th 2018

Written by nami.today

This is not an investment adivce. Please understand the market that you are diving in and only investment at your acceptable risks.

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