Market Analysis

Ethereum Price Analysis Nov.25: ETH sets a new 2018 low at $100 as expected

from Crypto Potato 5 years ago 0 0 655

The human behavior as a group of individuals is a very fascinating thing to observe. The financial markets are one of the best places where we can try to understand how we think and act as a group of humans.

By observing the bulls and bears constant fight over an asset’s price, we could learn a lot, Or in the case of crypto, we can also get confused…

Bitcoin price hit it’s current yearly low today at around $3400.

We can notice that the near-perfect technical bearish triangle formation that we had been following for so long on the daily chart played perfectly and broke down with extreme force, taking the BTC price down by 40% in a matter of 10 days.

We can also notice that the last day’s move was one the most radical declines since Bitcoin hit its ATH at the end of 2017. This move looks even steeper than the decline in February of this year.

Those radical moves usually form as wave 3 of the Elliott Wave theory count. It could be the 3rd wave of a 5 wave formation, or it could be a 3rd wave of the C wave (part of an ABC formation). However, either way the fact that the radical move crypto markets just experienced was probably a third wave. This might indicate that the floor of this move hadn’t reached yet since the move is missing wave 4 and 5.

The Crypto market total cap is currently worth $124 Billion. Most if not all Altcoins lost a big chunk of their value while BTC dominance is holding around 54.2%.

Back to Ethereum

Ethereum price broke below the $100 mental barrier and hit the $98 price level as the current low.

Looking at the 4-hours chart:

The weekly candle that started on the 19th still got few days on its way.

If the bulls will manage to push the price above $155 and close this weekly candle as a long wick hammer candle, then it would be a much better scenario for us.