Monthly Price Trends Show BTC Stagnation, Ethereum’s Long Hold Viability
30 March 2016 – This month leaves us some interesting trends in the cryptocurrency market, With Bitcoin remaining solidly above $400 USD coming out of last month’s bullish run, scraping $399 just once on the sixth and averaging day-to-day around $415. This despite a plateau in hashpower on the network, likely in anticipation of the coming halving and problems with core scaling development. Even more fascinating, though, is the explosive price increase of Ethereum, increasing 64.8% to it’s current $11.66 price point at the time of writing.
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During the last couple of months Ethereum was undergoing correction towards its long-term trend. That rebound can very well be considered finished. Will the upward trend continue? There was no turn in the long-term scope. Ethereum’s price has failed to break through a number of key long-term resistances, which would allow it to form a turn. Thus, the movement has come to a halt at the next key level. Such moments are beneficial for short-term deals along the main trend; for Ethereum’s price to resume moving along its long-term growth trend, the current correction has to end. This rebound....
Ethereum’s price has formed a flat. It may provoke a short-term trend when it leaves the corridor. Which direction will Ethereum choose? The downward trend on Ethereum’s market is not broken yet. The price is moving within a flat, preparing for another dash. If the downward trend is to continue, there will be a bounce off that point, but if the bulls hold the advantage, Ethereum’s price will start fortifying at that level. The change of trends is most likely to happen at the top limit of the trend, which is at the level of $8.4.
Ethereum’s price is fortifying at the upper limit of a 2-months long stagnation. The probability of growth is rising. Will a new long-term upward trend form? ETH/USD. The situation on Ethereum is heating up. Its price made more than 5 attempts to fortify at the level of $13. The bulls’ doubts are shown. The most recent surges of the price towards that resistance, just like the sharp returns to the starting point, are what’s indicative of the differing opinions of the crowd. It’s possible that a big player used this tactic to provoke the majority into buying. At the moment, Ether enjoys....
Ethereum’s price continues its downward movement. The price has reached an important long-term resistance line. There is a probability of a change of trends. Ethereum is currently in a zone, which is profitable for purchase deals within the long-term trend. That’s why there is a chance of a new upward rebound. For a more confident signal, Ethereum’s price has to break the medium-term downward trend. The level of $7.5 will be a critical point for a rebound. If the bears don’t hold the advantage at that level, a fortification and a turn are likely to follow. The minimal target will be at....
Ethereum’s price has carried out one of the trend development scenarios. The downward trend continues. What level will prove critical for this trend? Ethereum’s market has picked a downward scenario, discarding the possibility of forming a turn to growth. Despite the price fortifying at a level profitable for the bears, the bulls have failed to hold the advantage, and thus there was no turn to growth. The short-term downward trend will continue, as long as the advantage stays with the bears. The most likely point for a turn to growth is at $10.3, where a lot of trading volume converges.....