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By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
By Friday, November 29th, the ETH price had stabilized. The cryptocurrency is generally trading at $152.84.
On H4, the ETH/USD pair is developing the general downtrend. We are witnessing a correctional phase. After a convergence, the signal lines of the MACD have formed a Gold Cross and are now moving to cross the zero line which signals the birth of a short-term uptrend. The landmark for the growth is near the resistance line of the descending channel, which is $175.00. Upon testing it, the Ethereum may keep declining, heading for $132.00, and later renew the minimums.
On H1, the Stochastic has been lingering to 80 but is now escaping the overbought area, though the decline on the price chart is insignificant. This may mean that the buyers would not give up and are accumulating strength. It is highly probable that soon we will witness a deep correction in a downtrend. The landmark for the growth remains at $175.00.
Nouriel Roubini, a world-known economist, thinks the Ethereum is still far from zero (its fare fundamental price) even after the recent fall. According to him, mining is harmful to the environment as it leads to active pollution with grave consequences.
Roubini also mentions that at present, the crypto market is chaotic: the main digital assets are trading much below their peaks, which is a nasty surprise for the investors. He calls this “crypto massacre”: the BTC, for example, has slumped by 65% from the maximum, while some top-ten coins — by 80%.
Roubini further criticizes the crypto market for the lack of a fundamental foothold and foretells the virtual devaluation of the coins. Meanwhile, he is rather positive about the Facebook crypto: he sees enough privacy and centralization in it in the case of moderate policy and control.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
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