Ethereum Price Analysis: ETH Following Strong Uptrend Above $190
- Ethereum price is currently trading in an uptrend above $190 against the US Dollar.
- ETH price is likely to continue higher above the $200 resistance level.
- There is a key ascending channel forming with support near $192 on the 4-hours chart (data feed from Coinbase).
- The pair could correct a few points, but it is likely to find bids near $190 or $185.
Ethereum price is showing many positive signs above $190 against the US Dollar. ETH/USD remains in an uptrend and it could soon rally further above $200.
In the past few days, there was a steady rise in Ethereum price above the $165 and $170 levels against the US Dollar. ETH price climbed above the $185 resistance to move into a positive zone.
Moreover, there was a close above the $190 level and the 55 simple moving average (4-hours). The price traded close to the $200 level and a swing high was formed near $199. It is currently correcting lower below the $196 level.
The price is testing the 23.6% Fib retracement level of the recent wave from the $166 swing low to $199 high. More importantly, there is a key ascending channel forming with support near $192 on the 4-hours chart.
It seems like there is a strong support forming near the $190 level. If Ethereum fails to stay above the $190 support, it could correct lower towards the $185 support level or the 55 simple moving average (4-hours).
The 50% Fib retracement level of the recent wave from the $166 swing low to $199 high is also near the $184 level to act as a strong support. Any further losses might lead the price towards the $175 support level in the near term.
Conversely, the price might remain well bid above the $190 and $185 levels. In the mentioned case, it could make another attempt to clear the key $200 resistance level.
If the bulls succeed, the price is likely to continue higher towards the $220 and $225 levels in the near term. Any further gains might call for a test of the $240 level.
Looking at the chart, Ethereum price is clearly trading in a nice uptrend above the $190 and $185 support levels. Therefore, there are high chances of an upside break above $200 unless the price breaks the $175 support.
4 hours MACD – The MACD for ETH/USD is currently gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is correcting lower towards the 50 level.
Key Support Levels – $190, followed by the $185 zone.
Key Resistance Levels – $200 and $220.
Tags: ETH, Ethereum
Author: Aayush Jindal ·
- Ethereum Price Eyeing Downside Thrust Before A Fresh Rally
- First Mover: Ether Trounces Bitcoin as Network Sees Surge in Stablecoins
- Here’s How Far Ethereum Could Drop if it Confirms an Ultra Bearish Technical Pattern
- Ethereum Price Analysis: ETH/USD Printed Bearish Pennant Hints Reversal To $150
- ETH/USD: 3 Reasons Why Ethereum Price Just Tested $200 Today
Ethereum Price Eyeing Downside Thrust Before A Fresh Rally
Ethereum is following a short term declining pattern from the $198 resistance against the US Dollar. ETH could spike towards the $188 or $185 support before it rallies above $200.
- Ethereum is slowly moving lower after it failed to surpass the $198 and $200 resistance levels.
- The price is currently trading near the $192 support and the 100 hourly simple moving average.
- There is a key declining channel or a bullish flag forming with resistance near $195 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair could dip towards the $188 support or $185 before it starts a fresh increase.
After a couple of failed attempts to clear the $198-$200 resistance area, Ethereum price started a downside correction against the US Dollar. ETH price seems to be following a declining pattern from the $198 resistance.
The last swing low was near $188 and the recent high was $195. The price is currently declining and testing the $192 level. The 50% Fib retracement level of the upward move from the $188 low to $195 is currently acting as a support.
The next key support is near the $190 level and the 100 hourly simple moving average. The 61.8% Fib retracement level of the upward move from the $188 low to $195 is also near the $190 level to provide support.
If Ethereum fails to stay above the 100 hourly simple moving average, it could spike towards the $188 support. It seems like there is a key declining channel or a bullish flag forming with resistance near $195 on the hourly chart of ETH/USD.
Therefore, there are chances of a downside thrust towards the $188 support or the $185 pivot zone in the short term. If Ether fails to stay above the $185 support, there is a risk of a larger downside correction.
The next major support below $185 is near the $175 level, where the bulls are likely to take a strong stand in the coming sessions.
Ethereum is still following a nice uptrend unless it settles below the $185 support. On the upside, the bulls need to clear the $195 resistance level.
The main hurdle is near the $198 and $200 levels, above which the price could rally towards the $212 and $215 levels. Any further gains may perhaps call for a test of $225.
Hourly MACD – The MACD for ETH/USD is about to move into the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $185
Major Resistance Level – $198
Image from unsplash
Author: Aayush Jindal
First Mover: Ether Trounces Bitcoin as Network Sees Surge in Stablecoins
Ether’s price might be getting a boost from the crypto industry’s version of the dash for cash.
The coronavirus crisis has sent investors in both digital and traditional markets scrambling for U.S. dollars, seen as one of the best assets to park money in during a deflationary recession. In traditional markets, that’s meant selling risky assets like stocks, junk bonds and developing-country currencies, and parking the proceeds in cash.
In digital-asset markets, there’s been a flurry of demand for tether and other dollar-linked stablecoins, many of them built atop the Ethereum blockchain network. Led by tether (USDT), the total outstanding amount of stablecoins surged this month to nearly $9 billion, from less than $6 billion in early March.
Some cryptocurrency analysts are now starting to ask if the stablecoin surge will boost the price of ether (ETH), which is used to pay fees known as “gas” to help process transactions on the Ethereum blockchain, including for other tokens.
Prices for ether, the second-biggest cryptocurrency by market value, have jumped 53 percent so far in 2020 to about $195. That compares with an 8 percent year-to-date gain for the larger bitcoin.
Ryan Watkins, a research analyst at the cryptocurrency data firm Messari, wrote last week in a report that tether’s use of the Ethereum blockchain “should be positive for ETH.”
“It’s hard to ignore the promise of decentralized programmable money if you’re spending time in the ethereum economy,” he wrote. “This will provide a bid for ETH.”
Ether, sometimes described as the “digital oil ” to bitcoin’s “digital gold,” is the native currency for the Ethereum blockchain, which is known as a platform for easy issuance of new digital tokens as well as for its “smart contract” programming capabilities. In recent years Ethereum has become the premier ecosystem for the white-hot arena of “decentralized finance,” where startup companies and developer teams are designing automated lending and trading protocols that might eventually challenge banks.
Yet, ether is notoriously difficult to value, with traders relying on everything from price-chart patterns to supply-and-demand predictions to discounted cash flow analysis. Earlier this year, one blockchain consultant estimated that the cryptocurrency’s price might shoot as high as $10,000 if half of Argentina’s money supply abandoned the peso for dai, a decentralized dollar-linked stablecoin that’s backed by ether.
“I don’t think we’re at a point where fundamentals are driving these tokens,” says Gary Zigmond, co-founder of Digico Capital, a cryptocurrency hedge fund. “We’re still at the story stage, where everything’s in the future.”
Messari’s Watkins says the rise of stablecoins might actually pose a longer-term threat to ether because they might usurp its potential use case as a “medium of exchange.”
“In this scenario, ETH will have devolved into its native early branding of digital oil, a commodity-like lubricant for the ethereum blockchain,” he wrote. “ETH would still be valuable like many commodities are, but ETH would not be valued like money is.”
But with the price performance beating bitcoin’s so handily this year, ether bulls probably aren’t worrying too much about the valuation metrics.
Tweet of the day
Trend: Bitcoin has nearly erased the losses seen on March 12 – “Black Thursday” – with a move to $7,800 early Monday, and now looks set to extend its five-week winning trend.
The top cryptocurrency by market value is trading near $7,714 at press time, representing a 0.2 percent gain on the day. Prices rose more than 8 percent in the seven days to April 26 to confirm bitcoin’s sixth straight weekly rise, the longest winning streak since March 2019.
The price rise could be extended further, as bitcoin balances on exchanges continues to slide ahead of the miner reward halving – a sign investors are withdrawing their assets for long-term holding ahead of the supply-cutting event, as noted by the blockchain intelligence firm Glassnode.
Further, speculation that savvy investors might use recently minted tether and other stablecoins to fund bitcoin purchases is likely to keep retail interest high. “Traders will want to pay close attention to the issuing of new USDT, which has historically led to a surge in bitcoin’s price. With Tether having minted $120,000,000 USDT, Bitcoin could soon see a surge,” said Swanepoel.
Technical charts, too, are signaling scope for an extension on the price rally. The four-hour chart is reporting a symmetrical triangle breakout, a bullish continuation pattern. The breakout is backed by an above-50 reading on the 14-day relative strength index and higher bars on the MACD histogram, both bullish signals.
Next, the cryptocurrency looks set to test the 100-day moving average at $8,000. The bullish case would weaken if the prices violate the support at $7,390 (low of the symmetrical triangle).
Author: Christine Kim
Here’s How Far Ethereum Could Drop if it Confirms an Ultra Bearish Technical Pattern
Ethereum, like most of its peers, has incurred a slight amount of selling pressure today that has led it to decline from highs of just under $200 that were set yesterday. This tempered move lower comes as the crypto is caught within a firm mid-term uptrend.
It does appear that this uptrend may be short-lived, however, as analysts are now widely pointing to the existence of a massive rising wedge pattern that it is currently caught within, as a bearish resolution to this pattern could lead to significant losses.
This also coincides with bearishness flashed by ETH against its Bitcoin trading pair, and the confluence of its weakness across its two major trading pairs signals downside is imminent.
At the time of writing, Ethereum is trading down over 1% at its current price of $193.70, marking a slight decline from daily highs of nearly $200 that were set yesterday.
ETH is also showing some weakness against its Bitcoin trading pair, currently trading down over 2% as the benchmark crypto remains stable just below its daily highs of $7,800.
Analysts are now noting that they anticipate Ethereum to show further weakness against its Bitcoin trading pair, as the resistance that exists just above its current price at 0.026 BTC may be enough to catalyze a significant decline.
One trader mused this possibility in a recent tweet, pointing to this resistance in a chart while offering a near-term downside target at roughly 0.0235 BTC.
He related this chart to a previous tweet of his in which he noted that he anticipated Bitcoin to outperform the aggregated market in the near-term, leading cryptocurrencies like Ethereum to see some weakness.
This isn’t the only factor currently counting against Ethereum’s favor, as it also recently formed a highly bearish technical formation that could lead significantly lower against USD.
Analysts have been widely pointing to this rising wedge pattern over the past few hours, with one offering a chart showing a near-term downside target at roughly $160 if it posts a confirmed breakdown of this pattern.
Because of ETH’s weakness against BTC, it is a strong possibility that this movement will come about independent of Bitcoin seeing any downside.
It is also possible, however, that this present technical weakness will be magnified if BTC is rejected at $7,800.
Featured image from Unplash.
Author: Cole Petersen
Ethereum Price Analysis: ETH/USD Printed Bearish Pennant Hints Reversal To $150
Ethereum price hit a wall at $200 following the impressive recovery from the recent support at $160. The struggle at $170 and $180 finally yielded in gains as the bulls aimed to pull above $200. However, penetrating this zone has become a hard nut to crack. Meanwhile, Ethereum is holding above the short term support at $190 and exchanging hands at $194.
The daily chart clearly shows the formation of bearish pennant pattern. If Ether fails to sustain gains above the $200 level soon, there is a high chance that sellers will continue to gain traction. Price action below the pattern support will thrust ETH/USD into a breakdown, targeting the support zone at $150.
The Relative Strength Index (RSI) is not overbought yet but with downward motion following the resistance at 66 doubles down the increasing seller influence. At the same time, the 50 SMA is widening the gap below the 200-day, which signals an increasing bearish grip. Therefore, it is also essential that buyers defend $190 short term support at all cost to avert possible losses. If this reversal comes into play, former resistance zones at $180 and $170 will function as key support areas.
Spot rate: $194.53
Relative change: -2.28
Percentage change: -1.16%
Ethereum Price Analysis: ETH/USD Printed Bearish Pennant Hints Reversal To $150
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
ETH/USD: 3 Reasons Why Ethereum Price Just Tested $200 Today
Ethereum price reached $200 for the first time since March as bulls remained in control. The price rose as demand for the currency continued to rise ahead of the ETH 2.0 mainnet launch.
Ethereum has been on an upward trend since it bottomed at $85 in March this year. The current price means that the price has more than doubled in the past month.
There are several catalysts for this price action. First, the overall mood in the cryptocurrency market has improved since the bottom in March. For example, Bitcoin price has risen from a low of $4,565 to the current high of $7760. This rally is probably because of the decision by Fed to print unlimited amount of money and enthusiasm about halving.
Second, there has been some optimism that the upcoming ETH 2.0 launch will bring more demand to the cryptocurrency. In a recent blog post, Adam Cochran, who is a senior developer at DuckDuckGo listed seven reasons why the protocol will be the next big thing. Some of the seven reasons he talked about were retail Fear of Missing Out (FOMO), increased demand for the currency, whale cycle buying, and burning for flat supply.
Some Twitter users have also pointed to technical factors being behind the current rally.
I’m not going to lie, the $ETH charts are looking ridiculously good right now…
With $ETHUSD printing a bull pennant, and $ETHBTC printing an ascending triangle… All after a parabolic move up!
Dips being bought up ferociously.#Ethereum pic.twitter.com/kqq1r3xZ09
— 𝑾𝒐𝒏 𝑫𝒐𝒏 𝑻𝒐𝒏 (𝑲𝒊𝒏𝒈 𝒐𝒇 $𝑫𝑨𝑰) (@JuanDuanDeTuan) February 24, 2020
On the four-hour chart, the Ethereum price chart has been moving on an upward trend since March. The ETH/USD pair is now trading slightly above the 61.8% Fibonacci retracement level. This Fibonacci connected the YTD low and the highest point in March. The current price of about 196 is slightly below the day’s high of 200.
As shown below, the pair has also formed an ascending triangle pattern. This means that the bullish trend will continue provided bulls can move above the resistance level at 200.
On the flipside, while the upward trend will continue, it is also possible that the pair will move lower and test the 50-day EMA, which is also the lower line of the ascending triangle.