Ethereum (ETH) price analysis: ETH/USD bulls knock at $200.00

By September 17, 2019 Ethereum
Click here to view original web page at www.fxstreet.com
  • A move above $200.00 will improve the short-term technical picture.
  • The significant support is created on approach to 180.00.

The second-largest cryptocurrency with the current market capitalization of $21.4 billion stopped within a whisker of critical $200.00 during early Asian hours. While the coin has retreated to $197.67 by the time of writing, it is still trading with bullish bias/ It means that the coin may resume the upside and ahs another try at $200.00 in the nearest future. ETH/USD has gained over 2.5% on a day-on-day basis and stayed unchanged since the beginning of the day.

Ethereum’s long-term technical picture

Looking technically, ETH/USD cleared a strong resistance of $194.00. A sustainable move above this barrier created an upside momentum that pushed the price towards psychological $200.00. This area proved to be too strong to be taken out at the first attempt due to strong stop orders on speculative short positions located on approach. However, a sustainable move above this barrier will open up the way to $205.40 (SMA - Simple Moving Average - 200 daily) and $222.00 (SMA200 weekly chart).

On the downside, a former resistance $194.00 has turned into support strengthened by SMA50 daily. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $180.70 created by SMA50 weekly. It is closely followed by the middle line of one-day hour Bollinger Band at $179.60. If it is broken, the downside may continue towards $165.00 (the lower line of one-day Bollinger Band).

ETH/USD, daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

The significant support is created on approach to 180.00.

The second-largest cryptocurrency with the current market capitalization […]

Leave a Reply