ETH price update, support 0.0138, resistance 0.0155, NOV-15-2016
ETH price update:
ETH has been experiencing a strong down trend for the past 2 month. Now Ethereum price has stagnated at the lows with low volatility. That is bearish since it is this suggests a consolidation at the lows kind of like a bear flag. Traders are agreeing that price should be at 0.0145. The longer we consolidate, the more likely price will fall further. Price will be short term bullish if we can breach 0.0155 and hold it there; a technical bounce. In addition, support and resistance say price is at the lower end of the high low range for the last 6month so for those holding longer term, this price is pretty solid.
Fundamentally, although I don't trade it, I think the number of ICOs has a big impact on short term price as ICO needs the fund to quickly cash out a portion of the fund to jumpstart development. This was similar with bitcoin in 2014. Price started to decline from the highs of 900 all the way down to 300 even though a number of good news was revealed during the same period such as merchant adoption, marketing campaigns and increase in transaction volume. The good news it that price of ETH hasn't fallen that much with so much development, if price stops bleeding and stabilizes then prove to us that it can breach 0.0155, I am bullish.
During periods like this, I am often enticed to trade but it is usually not a good idea. Be disciplined and sit on your hand until a prove signal occur. Cryptotrader bots are all in the red this month which suggests bots or humans cannot make money if price doesn't move; excluding straddle options. I have been developing some ETH dapp in the mean time as well, hopefully able to get a DEVgrant for a small project.