Ether falls to a 2018 low of $102.36 as bitcoin experiences its worst crash this year. Ethereum is down -3.23% in 24 hours, down -8.26% on the week and down -41.77% on the month on a last price of $114.68. The Ethereum marketcap is $11,871,817,867 with a circulating supply of 103,521,258 $ETH. $ETH/USDT is trading between a 24hr high of $120.26 and a 24hr low of $112.01 on a 24hr Binance volume of $51,170,520. This trading volume is moderate to heavy. The weekly price trend is mixed.
$ETH Remains Third Rank
Two weeks ago we saw $ETH slip to third in market cap to $XRP (again), and this hasn’t changed. Ripple has widened the gap and today is printing more than $2.8 billion more in market capitalization. Coinmarketcap pegs $XRP at $14.6 billion with ether weighing in at $11.8 for a difference of $2.8 billion. The flip is not irreversible but the fundamentals for $XRP appear to be much healthier than those of $ETH.
Lowest Price Since Spring 2017
The last time we saw ether at such a bargain it was May 19 of 2017, the price was $113.41, and ether was on its way up. That rally saw a peak of $410.75 (Coinmarketcap). However this time the market has been bearish since the week of May 06 2018. That’s half a year of bear market:
What to Expect?
With half a year of bearish movement it might be easy to postulate more of the same. The six hour chart default MACD is showing strong buying pressure on an extended length of time:
The RSI on the one day chart is printing 41.61 which is well within the neutral zone (between 30 and 70).
The short term EMA on the four hour chart has dipped below the medium term EMA, signalling a weakening of the $ETH position.
Volume is down, although still moderate, and price is in the red over a two day period on the one day chart. There appears to be less contention over the current price, and not as much enthusiasm to send it higher or lower.
The weekly trend is mixed. This is different from up or down. The weekly range is between $126.80 and $102.36. Within the week we’ve seen four daily candles of red, but three of green. Seven days of oscillation within a $24.44 scope is beginning to look like a sideways condition. The price is softening over the last two days, but staying within the weekly range.
The key ten day resistance line is $137. If ether can decisively break this resistance then good things could happen.
The yearly 2018 low of $102.36 was set three days ago on November 26 2018. This sits just below a critical support level at $104.53. If ether erodes below this key support then fresh price declines are likely.
If ether can decisively break $137 key resistance then a continuing upwards movement is possible.
If ether erodes below $104.53 key support then fresh price declines are forecast.
The technicals suggest a weakening $ETH price but within the existing narrow weekly range.
Browse Ethereum Collection
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Friday November 30 2018 Bitcoin Background
Altcoins such as Ethereum ($ETH) may show a relationship with Bitcoin ($BTC) which changes with the alt, bitcoin and market conditions:
24 Hours of Bitcoin
24 Hours of #Bitcoin
-4.86% price $4,019.63
17.40M #XBT 20:38