On August 8, 2019, the Ethereum price reached a high of ₿0.0190. A downward move followed. On August 9, ETH reached a low of ₿0.0175. Since then, it has been increasing. It reached highs close to ₿0.0190 on August 11.
At the time of writing, it was trading at ₿0.0185.
Where will the Ethereum price go next? Keep scrolling below if you are interested in finding out.
For our previous analysis, click here.
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Ethereum Price: Trends and Highlights for August 13
- ETH/BTC is trading inside a descending channel.
- There is resistance at ₿0.019.
- ETH is facing close resistance from the 10-day moving average.
- It is possibly in the process of completing the B-wave of the correction.
An Upward Move for the ETH Price
On August 10, Ethereum began an upward move.
A closer look at this upward move shows that the ETH price has reached a minor resistance area.
The area is found at ₿0.0190.
Additionally, the upward move consisted of a five-wave formation.
Sponsored SponsoredAt the time of writing, it is possibly in its correction phase — more specifically, the B wave.
Therefore, the ETH price will likely undergo the final corrective C wave after possibly reaching the resistance area one more time.
The C-wave should end near ₿0.0180, where there is a minor support area.
With that in mind, let’s take a look at a different time-frame to see how this move fits into the longer-term price movement.
Descending Channel
A look at the daily time-frame shows that the ETH price has been trading inside a descending channel.
Once it reached the support line on August 10, the upward move analyzed in the first section transpired.
The previous time the Ethereum price did so (July 16), it eventually reached the resistance line of the channel.
SponsoredA closer look at the daily candlesticks reveals that while ETH is trying to do so, it has not yet cleared the previous resistance:
On August 10 and 11, the Ethereum price created two bullish engulfing candlesticks.
After a small bearish one, ETH showed strength by rebounding. It is currently in the process of generating another bullish candle with a long lower wick.
A daily close above ₿0.0190 would provide a very bullish sentiment, but as mentioned in the first section, we do not think it is likely.
A look at the daily moving averages (MA) reiterates the resistance at ₿0.0190:
The ETH price is trading below both MAs.
The 10-day one is currently right at ₿0.0190.
Therefore, we believe that ETH will not be successful in breaking out in its first attempt.
Rather, it is likely to drop towards ₿0.0180, before eventually initiating another attempt.
Ethereum Price Summary
Sponsored SponsoredThe Ethereum price is trading inside a descending channel.
Once it reached the support line, it began an upward move.
According to our analysis, it is likely to undergo a short-term decrease before making another attempt at breaking out of the resistance at ₿0.0190.
Do you think ETH will begin an upward move? Let us know in the comments below.
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 are courtesy of TradingView and Shutterstock.
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