After falling to 237.14 EUR (275.30 USD), the price rose to 266.05 EUR (308.87 USD) and is currently trading around 255 EUR (about 296 USD).
Summary of cryptosoft
The Ethereum cryptosoft course has remained constant throughout the week. Since October 25th, the price of cryptosoft has been in a very narrow triangle pattern and is moving sideways. The short-term support is at 249.51 EUR (289.66 USD), the short-term resistance at 257.47 EUR (298.90 USD).
Both in the case of Bitcoin and in the case of Ethereum, the hard forks are over. This led to hardly any price movements for the value pair ETH/EUR. Apart from the price minimum and maximum on 23 and 24 October, respectively, the price moved around 255 euros (296 US dollars). On October 25, a very narrow triangle pattern began, which may now be about to break out. After the support of the triangle pattern was recently tested, the question arises whether the resistance can hold back the price.
The MACD (second panel) corresponds to this calm before the storm: it is almost zero, more precisely the MACD line is positive, the signal is about to break through the zero line.
At 52, the RSI (third panel) is slightly bullish
The analysis of the movements on the 60min chart speaks a bullish language – which is quite exciting in the light of the triangle pattern! Most important support of the week is described by the beginning of the triangle pattern and is 249.51 EUR (289.66 USD). This week’s most important resistance is also described by the beginning of the triangle pattern and is 257.47 EUR (298.90 USD).
Let’s assume that the triangle pattern comes to a conclusion. What would this mean for the medium to long-term price movements? Let’s start with the 240min chart:
The flatter uptrend mentioned last week was briefly breached, but the price could rise above it again with a bold pump. Since then, this again represents an orientation for further price movements.
As in the case of the 60min chart, the MACD is close to zero or slightly above it. Currently, the MACD line is rising above the signal. The RSI is also slightly bullish at 52. In the medium term the situation is slightly bullish. The support is described by the downtrend and is around 249.51 EUR (289.66 USD). The resistance is described by the temporary price peak in mid-October and is at 291.73 EUR (338.68 USD).
All short and medium-term price movements on the 1D chart can be viewed in a slightly larger context:
As mentioned earlier, the price has been in a large symmetrical triangle pattern since the all-time high in June. The recent price movements, especially the crossing of the exponential moving average over two months, are like the bullish price estimates described on the 60min and 240min charts, to be interpreted as a bounce off the support of the triangle pattern.
The MACD is positive, as well as the MACD line was able to rise above the signal again. The RSI is neutral at 49 and at best slightly bearish.
Overall, the long-term forecast is neutral. Both support and resistance are still described by the triangle pattern. The most important resistance is 315.32 EUR (366.06 USD), the most important support is 237.97 EUR (276.27 USD).