One Analysis Hints That $55 Is The Next Ethereum Bottom

Price predictions which are made using technical analysis are known to produce a range of results for any specific crypto asset. According to one analysis which is popular in the cryptocurrency news, Ethereum (ETH) could capitulate into double-digits if the current trend continues.

This one analysis does not essentially suggest an ETH death but shows that the cryptocurrency may visit $55 as part of a new downward run. From an intraday low of $120 which is the ETH price now, the analysis predicts that if dropping soon, Ethereum’s token could establish a bottom near $55.

Before this, we saw the world’s second largest crypto asset topping out at $134. The ETH news showed improvements and featured the coin rising to new heights. Now, however, Ethereum is back in crypto winter levels and in danger of ending the year lower than it started it. One analysis on Twitter by Josh Olszewicz compares ETH this year to the performance from last year and shows the path to the $55 bottom.

meanwhile, $ETH

don't @ me pic.twitter.com/1RcYC4AXU5

— CarpeNoctom (@CarpeNoctom) December 17, 2019

Obviously, drawing a line from top to bottom could apply to every coin. This is why this one analysis is not the best one out there – but is still a good thing to consider knowing that the falling pattern may continue. If Ethereum dumps that low, the same scenario would have Bitcoin revisiting $1,000. However, this is highly unlikely.

The same analyst continued and said that ETH’s daily RSI is currently at 21.

“[Ethereum ]has only ever been this low five other times, two of which were local bottoms, the others leading to a bullish divergence.”

From the 2019 peak, Ethereum has corrected 64% and Bitcoin (in comparison) has pulled back 48% over the past six months. In contrast to the one analysis suggesting a bottom for ETH soon, there are many analysts who think the very opposite and are not uber bearish about the biggest altcoin out there.
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The altcoin news and rumors feature the analyst Il Capo Of Crypto and many other analysts with their predictions about the future of Ethereum. Both of these are bullish and are seeing the cryptocurrency blossoming in the near future.

This is probably the most bullish chart that you'll see in a while.$BTC vs. $ETH pic.twitter.com/fFnNyCqShu

— il Capo (@CryptoCapo_) December 16, 2019

HODL! pic.twitter.com/7gMC0fEt1x

— hugo.eth (@hugofirefreire) November 24, 2019

What do you think about Ethereum in the future? Let us know in the comments!