Despite recent changes in the prices of most altcoins, Ethereum has been noticeably stable. While most altcoins have been seeing price drops, interrupted by small, short-lasting surges — ETH has mostly been stuck between the support at $180 and a resistance at $190.
This situation has been a constant for several weeks now, during which ETH never left this tight price range. However, according to crypto analysts, things might change soon, now that Ethereum’s Bollinger Bands are squeezing. In other words, a major price movement might be coming very shortly.
Ethereum’s support and resistance still quite strong
As mentioned, Ethereum’s price never broke its support level at $180, although the coin sees price drops just as often as surges. Unfortunately, the same can be said for its resistance at $190, which proved to be unbreakable in recent weeks, as well. Even now, Ethereum’s price sits at $183.93 after a 1.56% drop in the last 24 hours.
Of course, the drop comes after a brief surge that the market experienced yesterday, although the surge was not strong enough to allow the coins to breach their resistance levels. While Ethereum has very little room to move, its current price is still the lowest in the past 24 hours. In fact, it is approaching a region where it often encounters strong buying pressure. Provided that Bitcoin remains relatively dormant, ETH will likely remain just above this level, and stop its current drop.
As for Bitcoin itself, the coin attempted a surge past $9,000 earlier this week. However, after running into very strong resistance, its price got rejected, and it dropped to the current $8,635.
Ethereum surge might be coming
According to cryptocurrency analysts, this period of relative stability will not last for much longer, at least in Ethereum’s case. The coin’s Bollinger Bands are extremely tight at the moment, which has often been a signal of a major price movement that is about to arrive.
This does not come as a particularly big surprise since cryptocurrencies have often seen major price movements around this period in previous years. Many have taken to calling it a ‘November squeeze,’ and rightfully so.
$ETH / USD— RJ (@RJ_Killmex) November 13, 2019
November squeeze, one of the biggest we've ever seen
BBW grinding the bottom for almost two months now
Nov '17 – Start of the bullrun, $280 –> $1400
Nov '18 – Start of the capitulation, $230 –> $80
Nov '19 – ? pic.twitter.com/ZjBJ2wIdT6
Of course, it has yet to be seen what will happen and where ETH price might end up. However, some analysts remain very optimistic, expecting ETH to surge and potentially even hit $300, maybe even before the year ends.