Ethereum Price Analysis: ETH Could Rally Again Unless It Breaks $195
- Ethereum price started a downside correction after it failed above $215 against the US Dollar.
- ETH price is currently trading nicely above the $195 and $200 support levels.
- There is a major contracting triangle forming with resistance near $207 on the 4-hours chart (data feed from Coinbase).
- The pair is likely to rally again above $210 as long as it is trading above the $195 support zone.
Ethereum price is showing a lot of positive signs above $195 against the US Dollar. ETH/USD must surpass the $210 resistance zone to resume its rise in the near term.
After a failed attempt to settle above $215, Ethereum price started a fresh corrective wave against the US Dollar. ETH price traded below the $210 and $208 support levels.
Besides, there was a close below the $210 level and the 55 simple moving average (4-hours). There was also a break below the 23.6% Fib retracement level of the upward move from the $176 swing low to $217 high.
The decline was such that the price even spiked below the $200 support. However, the $195-$196 acted as a strong buy zone. The 50% Fib retracement level of the upward move from the $176 swing low to $217 high is also acting as a decent support.
It seems like there is a major contracting triangle forming with resistance near $207 on the 4-hours chart. On the upside, the triangle resistance is close to the $208 pivot level and the 55 simple moving average (4-hours).
If there is a successful close above the triangle resistance, the 55 simple moving average (4-hours), and $210, the price is likely to accelerate higher in the near term. In the mentioned case, there are high chances of more gains above the $218 and $220 resistance levels.
Conversely, there is a risk of a downside break below the $200 and $198 support levels. The main support is near the $195 level. If there is a proper close below the $195 level, there is a risk of bearish continuation towards the $180 support level.
Looking at the chart, Ethereum price is trading above a few key supports near the $200 zone. Therefore, the price might clear the $210 barrier and continue higher unless it breaks the $195 support.
4 hours MACD – The MACD for ETH/USD is currently losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is struggling to settle above the 50 level.
Key Support Levels – $200, followed by the $195 zone.
Key Resistance Levels – $208 and $210.
Tags: ETH, Ethereum
Author: Aayush Jindal ·
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Interest in Ethereum grows to 40 million addresses
Ethereum now holds more daily active addresses than Bitcoin, according to Weiss Crypto Ratings
The number of Ethereum wallets holding Ether has spiked over the past two years to hit 40 million, according to crypto data provider Glassnode.
According to the data collected by the company, the number of Ethereum addresses being used has increased by more than 350% and now numbers more than 40 million.
The surge in the number of addresses holding the cryptocurrency, the second largest in the crypto space by market cap, has come despite a clear decline in its price.
Like Bitcoin’s price rally in 2017, Ethereum also experienced a boom that rode on the momentum it gained through its initial coin offering (ICOs) to hit prices over $1,400. That all-time high was reached in January 2018, before the bearish run that saw cryptocurrencies lose almost 90% of their value in 2018 and early 2019.
Ethereum’s latest struggles are at prices below $210, with the crypto’s value falling over 3% on the day and more than 7% in the past week.
Ethereum traded at lows of $130 on January 1, 2020, and is thus up by almost 50% this time last year. However, compared to its all-time high price in January 2018, Ethereum is more than 85% off that value.
A tanking in price has evidently not hampered nor affected increased interest in Ethereum. As per the address growth data, the number of holders has now reached an all-time high, with those holding balances above zero at more than 40 million.
Weiss Crypto Ratings says that Ethereum has more “addresses with a positive balance in them than Bitcoin.” The platform notes that although Bitcoin’s daily active wallet addresses outnumber XRP by 140 to 1, Ethereum boasts “better user numbers [than Bitcoin] on several key metrics.”
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Ethereum’s Macro Bear Structure Strengthens as Analysts Eye a Massive Decline
- Ethereum has been able to maintain above $200 despite the recent turbulence seen within the aggregated crypto market
- This outperformance of Bitcoin has allowed it to gain some strength on its embattled BTC trading pair
- ETH is still in a precarious position, however, as analysts are noting that its macro bear structure still remains strong
- Analysts are also widely flipping short on ETH, with some anticipating massive downside
Ethereum’s price action has been largely lackluster in recent times, with the cryptocurrency lacking a trend in the weeks following the harsh rejection it saw within the lower-$230 region.
This trading has led the crypto to see massive losses against its BTC trading pair. The weakness here has spilled over into its USD pair as well, causing it to flash some notable signs of weakness.
Some analysts are now noting that ETH could be positioned to see a massive decline in the days and weeks ahead. One is even noting that having the opportunity to short the crypto at $200 is a “gift.”
At the time of writing, Ethereum is trading down just over 2% at its current price of $203. This marks only a slight decline from daily highs of $208 that were set yesterday.
ETH’s buyers have been ardently defending the $200 level over the past several days and weeks – signaling that it may have some significant support at this level.
It is important to note, however, that Bitcoin’s present weakness as it hovers beneath $9,000 has opened the gates for altcoins like ETH to also see some significant feebleness, as they have generally been underperforming BTC in recent times.
One analyst is even noting that Ethereum could soon see a “car crash” decline. He claims that it needs to break below $190 in order for this to occur.
“ETH is going to be an absolutely car crash if it starts breaking down below the lows at $190,” he explained while pointing to the chart seen below.
Other analysts are growing increasingly bearish on Ethereum’s near-term outlook as well.
Another popular pseudonymous analyst recently explained that its macro outlook remains firmly bearish due to continued rejections at a key descending trendline.
The chart he references suggests ETH will soon be trading in the sub-$100 region.
“ETH / USD 3D TF- Marco Bear structure still standing strong, bulls rally up failed to break out… Selling around ETH ~$200 is still a gift,” he stated while pointing to the chart seen below.
This potential decline back towards Ethereum’s yearly lows will likely only be plausible if Bitcoin also finds itself caught within an intense downtrend.