Profit-taking on Bitcoin Bank software also corrects the price of Ethereum (ETH) IOTA (MIOTA) and Ripple (XRP). While the Ether course can still hold its own relatively well, IOTA and Ripple are again significantly weaker. A correction in the market as a whole should lead to further price losses.
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After a strong previous week, the Ether course has to give way this week. Ethereum rebounded significantly at $ 420 and fell back below the EMA20 to currently $ 377 on Friday morning. As long as the ether price trades above $ 360, there are still chances for another attack by the bull camp.
Bullish variant (Ethereum)
Despite a clear setback, the Ether price is still in the bullish area. Based on the cross-support from Supertrend and EMA100 (yellow) in the area of 360 US dollars, but at the latest when the September lows are retested at 318 US dollars, there are renewed opportunities for increases back towards 396 US dollars. If this chart mark is broken again, 409 US dollars and 420 US dollars will come into focus again. Only when the high of October 22nd at 420 US dollars per day’s closing price is overcome, a subsequent rise to 440 US dollars should be planned.
If Bitcoin can also sustainably overcome its annual high of 13,858 US dollars and continue its rally, the chances of a subsequent rise to the annual high of 488 US dollars also increase. Further profit-taking is likely at this mark on the chart. Only when the bulls manage to break through the annual high dynamically will an increase to US $ 515 be anticipated. A sustained rally in the crypto market is likely to push the ether price further up to $ 549 in the medium term.