Ethereum Price Analysis: ETH/USD could push higher with a daily close above $400

By September 19, 2020Ethereum
Click here to view original web page at
  • Ethereum is posting modest daily losses near $380 on Saturday.
  • ETH/USD could gather bullish momentum with a daily close above $400.

Ethereum (ETH/USD) climbed higher toward $400 on Thursday but lost its traction and closed in the negative territory on Friday. On Saturday, the modest bearish pressure on ETH/USD remains intact and the pair was last seen losing 1.45% on a daily basis at $380.

Ethereum technical outlook

An ascending triangle seems to have formed on Ethereum's daily chart. This formation is usually considered to be a bullish pattern when it's seen within an active uptrend. Although this is not the case, the resistance line of the triangle seems to be coinciding with 50% Fibonacci retracement of early-September drop and the 50-day SMA, suggesting a break above that level could open the door for additional gains. $420 (Fibonacci 61.8% retracement) could be seen as the next target.

On the downside, the initial support aligns at $375 (Fibonacci 38.2% retracement/ascending line of the triangle). If Ethereum retreats to this area and confirms it as a support, it's likely to retest $400 in the near-term. Below $375 the next support could be seen at $350 (Fibonacci 23.6% retracement).

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

ETH/USD could gather bullish momentum with a daily close above $400.

Ethereum (ETH/USD) climbed higher toward $400 […]

Leave a Reply