The RSI has dipped below 58, indicating that the bullish momentum is weakening. If the pair sustains below the 20-day EMA for two days, the possibility of a drop to the 50-day SMA increases. The loss of the 100-day SMA support area none the less could see the bears gain full control as we end the year going into 2022. Ethereum Classic and Ethereum, today, are similar platforms but with different futures ahead.
- If the price sustains above the 20-day EMA, the ETH/GBP pair could rise to the resistance of the range.
- If the price turns down from the 20-day EMA, it will suggest that sentiment remains negative and that will increase the prospects of a further downside.
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- Traders can watch the price action and book profits if the price does not rally above £1,600 in the next couple of days.
Ethereum price GBP bulls failed to sustain Ether above the 20-day EMA on May 18 could have attracted profit-booking by traders, resulting in the massive drop on May 19. The Ethereum to GBP bulls tried to stage a recovery on May 20 but hit a wall at the 50-day SMA. The 20-day EMA is flattening out and the RSI has risen above 47, indicating the bulls are trying to make a comeback.
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Etherum price GBP, we had mentioned in our earlier analysis that £2,400 may act as a resistance and that is what happened. Ether GBP has been struggling to break out and sustain above this resistance for the past few days. A break and close above £3,607.44 could signal the resumption of the uptrend. A daily break and close above the 20-day EMA could prove to be the catalyst for a possible retest of £3,607.44, the high from November 10 which could paint a double top in the market.
The bulls again tried to push the price above the 20-day EMA on June 5 and 7 but the long wick on the day’s candlestick suggests selling at higher levels. The bears will now try to sink the price below the support line of the triangle. Ethereum price GBP our assumption of a decline to £1,216.19 in Ether, as enumerated in the previous analysis, has also played out. If the bearish momentum pulls the eth to gbp price below £1,216.19, the descending triangle pattern will complete. Ethereum price GBP has been sandwiched between the 100-day SMA and the 20-day EMA for the past few days. This shows that bulls are buying on dips but demand dries up at higher levels and bears assert their dominance.
- If the price sustains below the triangle, the pair could resume its downtrend and slide toward the next strong support of £1,200.
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- If bulls push the price above £3,258.55, the ETH/GBP pair could resume its uptrend with the next target objective at £3,472.
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A break and close above the triangle will suggest that the downtrend could be over. The pair could then rally to the 200-day SMA and later to the overhead resistance at £2,932.90. Traders planning to trade ETH/GBP need to look at the chart positions and monitor GBP/USD market trends, as well as developments. They should primarily focus on ETH and also note that some of the major drivers of Ether’s value are news related sentiments.
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The pair could now rise to the resistance line of the triangle where the bears may mount a stiff resistance. The calculator takes the latest information from currency markets to determine exactly how much each different currency is worth against others when making currency exchanges. Our currency converter will help you determine the value of all global currencies against each other. https://coinbreakingnews.info/ Keep reading to learn how the Invezz currency converter works, and how it can help you make informed decisions when trading currency. All contents on this site is for informational purposes only and does not constitute financial advice. Consult relevant financial professionals in your country of residence to get personalised advice before you make any trading or investing decisions.
Ethereum price GBP bulls held on to the 20-day EMA for the most part of last week, but Ether failed to rebound with strength, indicating a lack of follow-up buying at higher levels. The failure to move up could have attracted profit-booking from short-term traders. Renewed selling pulled the price below the May 19 low of £1,382.24 but the positive sign is that this did not lead to panic selling among investors. The long tail on the May 23 candlestick suggests traders purchased the drop to £1,216.19.
Ether bounced off the £1,216.19 support on June 22 and again on June 26. This suggests that the bulls are aggressively defending this support. Hence, on the way down, this becomes an important level to watch out for. This bearish setup could attract further selling and the ETH/GBP pair may slide down to psychological support at £1,000.
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Although the signs are positive, we do not see a buy setup yet, hence we are not proposing a trade in it. Calculate how much investment I need to make to hit my retirement investment goal. Using our calculators you will be able to determine how much you need to retire and therefore how much you need to make each year trading. Let’s be clear – this is not a way to weaken any customer relationships you value.
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- There is a minor resistance at £2,400 but if this level is crossed, the ETH/GBP pair could commence its journey to £3,000.
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- If they manage to do that, the ETH/GBP pair will complete an inverse head and shoulders (H&S) pattern, which has a target objective of £3,231.
The ETH/GBP pair plunged below the moving averages on February 17 and broke below the immediate support of £2,088.88 on February 18. The failure of the psychological support at £2,000 to provide any meaningful bounce indicates strong selling pressure. Talk to the Credit Protection Association Limited about our credit management services. Ether, despite maturing since its launch in 2012, is regarded as a highly volatile cryptocurrency.
If bears pull the price below this support and £2,932.90, the selling could accelerate. Ether bounced off the £2,932.90 support on November 26, indicating that bulls are defending this level aggressively. The bulls pushed the price above the 20-day EMA on November 29, signaling that the selling pressure may be reducing. The bears have repeatedly pulled Ether below the 100-day SMA in the past few days but the long tail on the candlesticks suggests strong buying at lower levels. The bears have pulled the price back below the downtrend line and the 100-day SMA today. If they can sustain the price below the support, the ETH/GBP pair could drop to the December 4 low at £2,721.
The ethereum to gbp bulls continued their buying and propelled the eth price gbp to a new all-time high of £1,549.98 on April 2. A strong rebound off the 20-day EMA will suggest that the sentiment has turned positive and traders are buying on dips. The bulls will then again try to push the ether gbp price above the overhead resistance at £2,000.
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If the price turns down from the 200-day SMA, the bears will try to resume the downtrend by pulling the ETH/GBP pair below £2,200. If they succeed, the pair could plummet to psychological support at £2,000. Ether turned down from the overhead zone on February 10 and slipped top 5 potentially profitable cryptocurrencies in 2020 below the 20-day EMA on February 11. However, the bears could not build on this advantage and the bulls have pushed the price back above the 20-day EMA. The bears stalled the recovery at the 50-day SMA on February 26 but the bull broke above the barrier on February 28.
The moving averages have started to turn down once again and the RSI has dipped into the negative territory, indicating that bears have the upper hand. We had projected a target of £1,872 for Ether and it rallied to £1,850 on April 16. Traders who had bought and sold on our recommendation made huge profits within a short time, both entering and exiting at the right time. Technical traders seem to have booked profits after Ether reached its target objective. Although aggressive bulls seem to have purchased the dip on April 18, they could not sustain the price above the 20-day EMA.
The ETH/GBP pair turned down from £2,657 on September 16, trapping the aggressive bulls. The bears pulled the price back below the 20-day EMA on September 17 and the selling intensified on a break below the 50-day simple moving average on September 20. The ETH/GBP pair rallied to £3,607.44 on November 10 but could not sustain the higher levels. This negative view will invalidate if the price turns up from the current level or the support at £2,721 and breaks above the 50-day SMA. Such a move could open the doors for a possible rally to £3,400 and then to the all-time high at £3,607.44. If the price rebounds strongly off this level, the bulls will try to push the pair above the moving averages.
Ethereum price GBP made a new all-time high of £2,984.73 on May 10 but the bulls could not sustain the higher levels. The Doji candlestick pattern on the day suggests the rally may be tiring out. If the bears pull the price below £2,560.80, the ETH/GBP pair could drop to the 20-day EMA. If the price rebounds off the 20-day EMA, it will suggest the sentiment remains bullish and traders are buying on dips to strong support levels.
This level may act as a stiff resistance but if the bulls do not allow the price to dip below the 20-day EMA, the pair could rise further to £2,695.43. If buyers can propel the price above the triangle and the 50-day SMA, it will suggest the end of the downtrend. The ETH/GBP pair could then rally to the 61.8% retracement level at £2,379.25.
The Doji candlestick pattern on February 20 was followed by an inside day candlestick pattern on February 21. Both these candlestick patterns indicate indecision among the bulls and the bears. The bears will now try to pull the eth to gbp price back below the moving averages.