Lately, one of the most popular cryptocurrencies Ethereum displayed a solid skyward movement above the $148 and $150 resistance level. Moreover, ETH price increased above the $152 resistance and the 100 hourly SMA. The important question is: Is Ethereum Price going up? Let’s take a look at it in more details.
Is Ethereum Price going up?
Well, the answer is no. After gaining some momentum, the price declined and could not hold the bullish drive and stopped near the $153 level. As a consequence, there was a sharp slump below $150 and the price lost most of its profits.
Now, If you are thinking about investing in Ethereum then ETH can be a lucrative investment alternative. For instance, the current Ethereum price is around 146 USD and now if you buy Ethereum for 100 USD you will get around 0.683 ETH. If you closely observe the ETH price movements a long-term development is assumed. With a 3 to 5-year investment, the income is supposed to be approximately +160.674%. So, if you invest $100 then the returns may be greater than 250 USD after 3 to 4 years.
$ETHUSD increased to $146.95. Next alerts set at $144.75 and $149.15 $ETH pic.twitter.com/CiG70QLZs5
— Bitcoin and Ethereum Alerts (@Price_Alerts) December 5, 2019
The DMI on the Ethereum/ USD daily chart displays the bulls at the smallest levels and it is showing no plan of fighting with the bears for activity. Sellers improve their durability and may attempt to crush the ADX line repeatedly.
The Ethereum went below a support area before confirming it as resistance. This implies that further ETH price reductions can occur. In the first half of 2019, the $160 range portrayed as resistance but afterward, the price split down and confirmed it as resistance.
All the signs were there
And even though the resistance flip wasn't picture-perfect, the sentiment remains the same:
ETHUSD has flipped the bottom of its Weekly $160-$360 into a new resistance and has recently rejected price#Crypto $BTC pic.twitter.com/jRDtSUBMrc
— Rekt Capital (@rektcapital) December 3, 2019
Conclusion
To gather, while the Ethereum market evolution hints a bearish forecast, the RSI in various time-frames suggests that the bottom is expected. Whether the price rehabilitates the $160 support zone will decide whether another upward transit is coming.
