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21 Nov 2019
2 min read

ETH/USD Price Outlook

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Written by OspreyFX News Team

*OspreyFX would like to state that traders should research extensively before following any information given hereby. Please read our Risk Disclosure for more information.

ETH/USD Price Outlook:

  • Looking forward to further declines as the crypto market continues on a downtrend.
  • Bulls hoping for a breakout above the trendline.

ETH/USD Price: Expecting further declines

Cryptocurrencies continue to post fresh weekly lows across the board, and sellers are aiming for further declines. However, support zones in assets like Ethereum remain strong in the short term.

Currently, ETH/USD continues to trade below the $175 handle, with gains limited to around the $184.81 level according to what’s being projected in the 4H chart. A bearish trendline drawn from the highs of September caps further rallies.

Selling pressure is hurting the crypto sphere, and it seems like an additional sellers’ wave will come in the near-term. That’s why a 200 SMA at the H4 chart is helping to block advances and is doing a death cross with the 50 SMA.

Opening the window to further declines.

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SMAs crossover underway?

Such a crossover has yet to happen at the time of writing, as the markets are waiting for more data. ETH also remains below the $176.48 zone, and the support zone of $169.36 could give up in favour of the bears and could reach the next critical level placed around $157.98.

That level remains a strong demand area, where buyers could appear to retake the control of the situation in the price action. After that level is cleared, the next hurdle lies at the $150 round-figure.

Bulls look for a trendline’s breakout

In a bullish scenario, if Ethereum breaks above the trendline, all eyes will be on the $194.57 level. Beyond such a region, the cryptocurrency could point its structure towards the $203.10, which has proven to be a key level on the upside.

After a bulls’ consolidation on a short-term basis, Ether will rally towards the $216.52 level, where a strong resistance was seen in September. According to the technical oscillators, the RSI indicator maintains its stance in the positive territory.

Momentum is pointing slightly downwards, favouring further declines.