0
📰 News
2367 views

ETH Price Is Forming Double Bottom To Hit $160 While Traders Are Waiting For Altcoin Season 

  • Vera Yurina
    📰 News

    What will happen to Ethereum (ETH) price in the nearest days? Read experts’ opinions about Ethereum, and check ETH price predictions. 

ETH Price Is Forming Double Bottom To Hit $160 While Traders Are Waiting For Altcoin Season 
Contents

As experts predicted, 2019 is not a safe haven for cryptocurrencies: the bearish trend has weakened, but cryptocurrencies don’t rush to recover in price. While Bitcoin is making attempts to touch the levels of Q2 2019, altcoins stay around their support levels, and Ethereum is not an exception. What are Ethereum price predictions for the nearest weeks, and what do analysts think about its future?

ETH price is approaching the bottom
Ethereum 7-day price chart on CoinMarketCap

Altcoin market is in trouble

The situation on the crypto market is alarming: altcoins go down, and down, and down. Experts are concerned: during this long-lasting downtrend, many altcoins might hit lowest lows in 2019.

Bitcoin domination has never been so pronounced.

In the nearest future, there will be nothing for Ethereum to base its growth on.

Things can get worse

Ethereum keeps losing its value, and recently has lost 50% of its price compared to $349 highest high in 2019. However, it’s not the bottom yet. We have mentioned that Ethereum is forming a “Death cross” – the third in its history.

Ethereum death cross means serious losses are ahead
Ethereum death cross means serious losses are ahead

“Death crosses” happen when the coin’s moving price average over the past 50 days dips (or ‘crosses’) below the moving price average over the past 200 days.

The previous death cross occurred in April 2018 after ETH lost over 20% in the 30 days leading up to the event. In the following two weeks, it lost 14% more.

👉MUST READ

Ethereum on Track for Death Cross While Bitcoin Starts Trimming Recent Price Gains

Ethereum on Track for Death Cross While Bitcoin Starts Trimming Recent Price Gains

Experts doubt Ethereum

Fred Wilson, a financier, and co-founder of venture capital firm Union Square Ventures, was very bullish on Ethereum (in 2017, he claimed that Ethereum’s market cap will bypass the Bitcoin’s) until recently. In his blog post published on September 4th, he admitted that “[Ethereum] remains hard to build on, scaling issues abound, and many developers are looking elsewhere.

Vitalik Buterin himself admits that scalability is a serious issue, and Ethereum blockchain is full. In this interview, he said that it’s one of the things that hinder ETH adoption, but that’s not all.

Scalability is not the only problem. There are still challenges with usability, with account security and with privacy that is improving. It’s also improving from a technical point of view, but even if the tech is there — how do you turn it into something people will use?”

He added that people are afraid of sudden price fluctuations – that’s what discourages them from using cryptocurrencies. Thus, lower volume means lower crypto prices.

 

card

ETH will make a double bottom

While the Ethereum team is working on technological improvements, traders continue guessing the next moves of ETH price. Trader RedArtic suggested that ETH will touch the double bottom around $163, then hit the Gann Fan 3/1 support, and reset the daily StochRSI. After that, it will head $205 resistance level. Currently, it’s forming a wedge:

Ethereum before the double bottom
Ethereum (ETH) price chart by RedArtic

A similar prediction is provided by TradingShot, but they assume that ETH will move further to $230 and higher.

The list of such predictions can go on and on. Trader jordanmorin13 claims that Ethereum price will fall to $150 before skyrocketing. With so many forecasts focusing on one idea, it’s hard not to believe in Ethereum’s potency.

ETH price will skyrocket after touching the bottom
Ethereum (ETH) price prediction from jordanmorin13

It’s getting clear that Ethereum lacks volume and the number of users for breaking the current price levels. Once technological bottlenecks are eliminated, things will go smoother. But now, ETH stays heavily dependent on both Bitcoin and altcoin market – and it’s clear the world’s second cryptocurrency is on the inferior side.

Cover image via 123rf.com
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings