Categories: Ethereum

Ethereum Price Analysis: ETH Signaling Additional Strength Above $200

Click here to view original web page at www.livebitcoinnews.com
  • Ethereum price started a strong rebound from the $170 swing low against the US Dollar.
  • ETH price is currently trading near the $200 level and is consolidating recent gains.
  • There was a break above a crucial bearish trend line with resistance near $194 on the 4-hours chart (data feed from Coinbase).
  • The price might consolidate in the short term before it starts another upward move above $205.

Ethereum price is showing a few positive signs above $194-$195 against the US Dollar. ETH price is likely to continue higher once it settles above $202 and $205.

Ethereum Price Analysis

This past week, Ethereum price extended its decline below the $190 support against the US Dollar. The ETH/USD pair even broke the $180 support and settled well below the 55 simple moving average (4-hours). Finally, the price traded to a new monthly low near $170 and recently started an upside correction. The price was able to climb back above the $180 and $184 resistance levels.

Additionally, there was a break above the 23.6% Fib retracement level of the last crucial drop from the $239 high to $170 low. More importantly, there was a break above a crucial bearish trend line with resistance near $194 on the 4-hours chart. The price climbed back above the $195 level and the 55 simple moving average (4-hours). The price is now trading near the $202 resistance level, which is protecting further upsides.

Moreover, the 50% Fib retracement level of the last crucial drop from the $239 high to $170 low is near the $205 level. Therefore, an upside break above the $202 and $205 levels is needed for bullish continuation. The next important resistance is near the $215 level plus the 61.8% Fib retracement level of the last crucial drop from the $239 high to $170 low.

On the downside, an immediate support is near the $195 level and the 55 simple moving average (4-hours). If the price fails to stay above the 55 SMA, it could correct lower towards the $190 support level. Any further losses below $190 could put a lot of pressure on the bulls.

Looking at the chart, Ethereum price is clearly trading with a positive bias above the $195 and $190 levels. Having said that, a proper break above the $205 resistance level is needed for additional gains in the coming sessions. In the mentioned case, the price might test $215 or even $220.

Technical indicators

4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently well above 50, with a flat structure.

Key Support Levels – $195, followed by the $190 zone.

Key Resistance Levels – $205 and $215.

ETH price is currently trading near the $200 level and is consolidating recent gains.

[…]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Wealth manager launches world-first bitcoin yield fund

A US-based wealth manager has claimed an industry milestone with the launch of the first cryptocurrency derivatives-based yield fund on… Read More

5 hours ago

CME Group To Launch Bitcoin Options In Early 2020, Cites Client Demand

CME Group Inc (NASDAQ: CME ) announced Friday that it will launch options on its Bitcoin futures contracts in the… Read More

5 hours ago

Nigerian Rocks Crypto World By Returning NGN 28.8 Mn Worth Of Bitcoin That Was Sent To Him In Error

Here’s the latest on today’s edition of “Wait, What?!”; A Nigerian man woke up one day to find that NGN… Read More

5 hours ago

Bakkt: A Big Boost For Bitcoin (BTC) or Will It Flop?

Share Tweet Send Share The launch of the largest institutional bitcoin product of the year is finally upon us. Can… Read More

5 hours ago

Bitcoin (BTC) Metrics Pointing to Bullish Returns

Share Tweet Send Share Many analysts over the years have said that bitcoin is a speculative bubble, comparing it to… Read More

5 hours ago

Bitcoin Sheds $10,000 Support Again Ahead of Bakkt Launch

Ahead of the launch of Bakkt’s Bitcoin (BTC) futures, bears have continued to assert control over the cryptocurrency market. Ouch.As… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More