Ethereum has been stuck below its near-term resistance level at $190 for the past several weeks, and both ETH\u2019s bulls and bears have been deadlocked as they hold the cryptocurrency steady within the mid-$180 region.<\/p>\n
This bout of sideways trading may soon be coming to an end, however, as analysts are now noting that ETH\u2019s Bollinger Bands are currently squeezing, which means that a massive price movement could be imminent.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down 1% at its current price<\/a> of $185.70, which marks a slight retrace from its daily highs of $190 that were set yesterday in a brief upwards movement that ultimately resulted in another rejection at this resistance level.<\/p>\n Currently, ETH is trading its lowest price seen over the past 24-hours, but it is nearing a region where it has consistently found decent buying pressure, meaning that it may be able to hold steady above this level in the near-term assuming that there is no major Bitcoin movement that guides the aggregated markets.<\/p>\n Bitcoin has been contributing to ETH\u2019s bout of sideways trading, as it has been caught around $8,700 for the past several days after being rejected from the lower-$9,000 region earlier this week.<\/p>\n Ethereum\u2019s Bollinger Bands are currently incredibly tight, which could signal that a massive price movement is imminent.<\/p>\n RJ, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that November has also historically been a month of tremendous volatility for the cryptocurrency.<\/p>\n \u201c$ETH \/ USD: 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 – ?\u201d he noted while pointing to the below chart.<\/p><\/blockquote>\n $ETH<\/a> \/ USD<\/p>\n November squeeze, one of the biggest we've ever seen Nov '17 – Start of the bullrun, $280 –> $1400 — RJ (@RJ_Killmex) November 13, 2019<\/a><\/p><\/blockquote>\nA Big ETH Movement Could Be Inbound in Near-Future<\/strong><\/h2>\n
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BBW grinding the bottom for almost two months now<\/p>\n
Nov '18 – Start of the capitulation, $230 –> $80
Nov '19 – ? pic.twitter.com\/ZjBJ2wIdT6<\/a><\/p>\n