Ethereum (ETH/USD) forecast and analysis on August 19, 2020 • PumpMoonshot
Cryptocurrency Ethereum (ETH/USD) is trading at 429. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, the cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator bands.
As part of the Ethereum forecast, a test of level 419 is expected. Where can we expect an attempt to continue the growth of ETH/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 480. The conservative buying area for Ethereum is located near the lower border of the Bollinger Bands indicator bars at 418.
Cancellation of the option to continue the growth of the Ethereum rate will be a breakdown of the area of the lower border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and the closing of quotations of the pair below the 400 area. This will indicate a change in the current trend in favor of the bearish for ETH/USD. In the event of a breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of the cryptocurrency.
Ethereum (ETH/USD) forecast and analysis on August 19, 2020 implies a test level of 419. Further, growth is expected to continue to the area above the level of 480. The conservative area for buying is located area of 418. Cancellation of the cryptocurrency growth option will be a breakdown of the level of 400. In this case, we should expect a continuation falling.
Author: by PumpMoonshot
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Ethereum Nosedives 5%, But Here’s Why $400 Could Save The Day
Ethereum failed to clear the $445 resistance and declined below $420 against the US Dollar. ETH price is now approaching a major support zone near the $400 handle.
After another failed attempt to gain strength above $445, Ethereum started a downside correction against the US Dollar. ETH is down over 5% and it broke the $425 and $420 support levels.
The recent decline was such that the price even settled below the $420 level and the 100 hourly simple moving average. It traded as low as $405 and it is currently recovering higher. An initial resistance is near the $415 level.
The 23.6% Fib retracement level of the recent decline from the $447 swing high to $405 low is also near the $415 level to act as a hurdle. Moreover, there is a new bearish trend line forming with resistance near $420 on the hourly chart of ETH/USD.
Ethereum price trades below $420. Source: TradingView.com
The main resistance is now forming near the $425 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $447 swing high to $405 low is also near the $425 level.
A successful break above the $415, $420, and $425 resistance levels is needed to start a fresh increase. In the mentioned case, the bulls are likely to push the price towards the $445 and $450 resistance levels.
If Ethereum fails to recover above $420 or $425, it could continue to move down. The first support is near the recent low at $405.
The main support is near the $400 level (the last key breakout zone) or $398. If there are more losses below $395, the price could start a major downside correction towards $380 or even $365.
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 40 level.
Major Support Level – $400
Major Resistance Level – $425
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Bitcoin is currently trading at $11,733 after an extended pullback from the rejection at $12,481. Unfortunately, Bitcoin couldn’t hold its price above the crucial $12,000 resistance and then support level.
The daily chart is still in an uptrend as anything above $363 is still considered a higher low, however, Ethereum’s momentum seems to be shifting in favor of the bears in the short-term.
The last high of XRP’s bull rally was established at $0.325. XRP then had a healthy consolidation period dipping below $0.27 but defending the daily 12-EMA. On August 17, XRP peaked above the first high and touched $0.327 but got rejected heavily dropping below $0.30 in the next two days.
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