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ETH/USD Double-Top Pattern Rejection Retests $430, What Next? Ethereum price spikes to a new yearly high at $447 following Bitcoin (BTC) surge to $12,492. Ether bulls are trying to build on the support established at $430 following the impact of a double-top pattern. Ethereum price action in the last two days has been building on the support established above $410. Although there was a struggle to hold above $420, Bitcoin price breakout to highs of $12,492 carried the entire market upwards including ETH. The second-largest cryptocurrency by market capitalization rose to trade new yearly highs at $447. Recently, the crypto hit a high around $445 but crumbled to the support at $410 as sellers rushed in for revenge. The hurdle at $450 led to the formation of a near-perfect double-top pattern. The impact such as a pattern usually leads to a reversal from the highs traded. In the same way, Ether plunged to seek (maybe to confirm) support at $430 before buyers plan the next run-up eyeing $500. At the time of writing, Ethereum is trading at $432. A weak recovery is underway with bulls holding tightly to the support provided by the both the 100 SMA and the 50 SMA in the 1-hour range. From a technical perspective, Ethereum is likely to take up sideways trading especially with the RSI holding above 45 and correcting towards the midline. The MACD is also holding well above the mean line (0.00). However, the minor bearish divergence hints that selling pressure is creeping in. It is apparent that support at $430 aided by the aforementioned moving averages is key for gains towards $450. In addition, the growth in the DeFi ecosystem has kept interest in ETH on the roof over the last few months. Ethereum community is also looking forward to the launch of ETH 2.0. Many analyst believe that the protocol’s launch would propel Ethereum to levels beyond $1,000. Ethereum Intraday Levels Spot rate: $432.65 Relative change: 1.24 Percentage change: 0.30% Trend: Short term bullish bias Volatility: Expanding
COINBASE:ETHUSDLong
by CoinGape
2
ETH/USD: Long Term Breakout Analysis 1W (Aug. 17)X Force Global Analysis: If you find our analyses to be helpful, make sure to support us by dropping a ‘like’ Ethereum has been leading this bullish cryptocurrency rally of 2020. In this analysis, we assess Ethereum's weekly chart in order to determine potentiality of its long term growth. Analysis - To begin with, there has been a strong zone of resistance between $365 and $400, marked by the orange bar - We have seen prices test, and get rejected by this territory numerous times throughout history. - The last time we saw a break and close above this resistance zone was in November 2017, which led to a massive bullish rally - As demonstrated above, this is the first time in almost 3 years since we have broken out of the strong resistance zone - It's also important to note that we have broken through significant descending trend line resistances, marked by the dotted white lines What We Believe As we have seen the weekly candle break and close above significant resistance zones, we believe that a corrective or bearish trend leading prices back down sub $350 is highly improbable. The weekly chart demonstrates clear upside for a long term bullish trend. Let us know what you think in the comment section below Trade Safe.
COINBASE:ETHUSDLong
by XForceGlobal
8
ETH USD LONG POSITION - WEALTH X FREE TELEGRAM NOW AVAILABLE!Ethereum was rejected at the critical $400 resistance during Saturday’s rally. The cryptocurrency failed to decisively hold above that level despite the rallying in the value of altcoins. As of the time of this article’s writing, ETH trades for $395, just shy of the aforementioned resistance. Analysts say that Ethereum holding above $400 on a macro basis could be the precursor to an even greater surge in the weeks and months ahead. ETH Is Set to Break Above $400 Again: Analysts Fortunately for buyers of the cryptocurrency, the cryptocurrency is set to cross above $400 according to analysts and fundamental trends. As reported by NewsBTC previously, one analyst noted that Ethereum’s price action looks as though it is about to break past $400. He cited a fractal analysis of May 2019: “I don’t know why not all of CT is talking about this ridiculously similar looking fractal. Spoiler: this chop led to another massive pump in 2019.”
BITSTAMP:ETHUSDLong
by WealthXNetwork