Ethereum (ETH) is in a do or die situation. The above chart for ETH/USD shows that Ethereum (ETH) must break to the upside on the 4H timeframe for bullish momentum to hold. If the price breaks below the symmetrical triangle, there is a high probability that it will test the support again. If it tests the support again, it is very likely that it might break it. Ethereum (ETH) did give in to bearish pressure but since mid September, we have seen rising accumulation.
Chart for ETH/USD (4H)
Ethereum (ETH) has been in the eye of the hurricane for the last few weeks. The price has taken wild swings to both sides. The 4H chart above for ETH/USD shows that the price has to take a definitive stand now. Ethereum (ETH) has currently found support at the 0.786 Fibonacci retracement level which is a very critical level for the future price action of Ethereum (ETH).
Ethereum (ETH) has deepened problems for itself the last few days as the price has fallen through a series of supports which have now turned into resistances. The price on the 4H chart for ETH/USD above does not seem likely to break above the near term $ 202 resistance any time soon. This does not mean though that the price will fall below the support at $ 191 at this point. It would be very unlikely for that to happen at this point.
Officially launched in 2016.09, the blockchain startup MATRIX is looking at a market value of 360 million USD and aims at rank among the top 100 in global cryptocurrencies. Investors are obviously attracted and gaining confidence.