- Ethereum price is trading marginally in the green, small gains of 0.55% in the second half of Wednesday.
- ETH/USD continues to move within the confinements of a bullish pennant structure, subject to a potential breakout higher.
- Heavy near-term supply can be seen around the $280 area via the daily.
Spot rate: 249.35
Relative change: +1.55%
ETH/USD 60-minute chart
- Near-term price action is moving within an ascending channel structure, as the bulls attempt to pick-up momentum.
ETH/USD daily chart
- A bullish penannt structure is observed via the daily chart view, bulls need to capitalize on.
Ethereum Takes One More Step Towards Its $200 Target
- Ethereum gains 2% and goes closer to 200 USD.
- The next resistance may fall at 200.31 USD.
Despite an overall dismissal in the whole crypto market, Ethereum has been able to fetch a decent growth in the last one day. With almost 2% growth, Ethereum has made one more step towards 200 USD. The medium-term outlook of Ethereum is expected to be bullish.
ETH to USD Price Analysis-
Ethereum’s first variation happened between 03:03 UTC and 13:02 UTC. This variation forced it to trade at 188.59 USD, the lowest point of the day. It was later lifted by a 5.76% hike that added 10.86 USD to each coin and placed it at 199.45 USD, the top point of the day. The third variation happened between 21:02 UTC and 23:34 UTC and this swing cut 2.46 USD. The last swing between 00:42 UTC and 03:20 UTC took away 2.96 USD from the latter value of ETH and pushed it to 196 USD by 03:20 UTC, today.
Ethereum Price Prediction-
Ethereum has made an exception by showing strength when the overall market is not in good shape. The strong fundamental of Ethereum has come into play. Ethereum may find its next resistance at 200.31 USD.
Resistance and Support Levels-
R1- $200.31, R2- $203.51, R3- $ 208.82
S1- $191.8, S2- $186.49, S3- $183.29
Will Ethereum Golden Cross and BitPay Support Send ETH Surging?
This week has been all about Ethereum. Finally the second largest crypto asset on the planet appears to be moving without the influence of its big brother dictating things. ETH prices are on the up again today and the fundamentals keep improving.
Ethereum Golden Cross
It has been another good day for Ethereum prices which have finally reached the psychological $200 level after a month trading below it. A dip back to the 50 hour moving average just below $190 yesterday was short lived as price quickly bounced back.
The move back to just below $200 is the highest Ethereum has traded at since this time last month. A slight pullback has dropped ETH to $197 at the time of writing and it needs to break this barrier before its next leg up.
ETH prices 4 hour – Tradingview.com
A golden cross is clearly visible on the four hour chart as the faster 50 MA crosses above the slower moving 200. This is a bullish trend reversal signal and is usually followed by a rally. However, one analyst has noted that total market capitalization has not increased indicating that no new money is flowing into ETH yet.
“ETH is up but total crypto market cap still staying flat, price increase could just be money being moved around from other crypto’s rather than fresh money. Waiting for TMC to pass $260B”
Others are hoping that Ethereum can kick start a wider altcoin run as Bitcoin appears to be running short of buyers. At the moment the rest of the altcoins are flat or in the red but the possibility of an ETH decoupling will be strengthened if it can break the $200 barrier.
BitPay Adds Support
News that crypto payments provider, BitPay has finally added Ethereum support is also bullish. In a press release the company said businesses can accept Ethereum for purchases without the need for any integration or enhancements. Originally only BTC, BCH and a few stablecoins were available on the platform.
Ethereum godfather Vitalik Buterin was pleased with the announcement, adding.
“It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies.”
The news adds to other bullish fundamentals for Ethereum such as Santander’s $20 million bond on the blockchain last week, further developments in the DeFi ecosystem for DAI, and a successful network test of ETH 2.0 clients.
Ethereum Price Analysis: ETH Upsurge Could Extend Above $200
- Ethereum price started a strong upward move and broke the $185 resistance against the US Dollar.
- ETH price is trading near the $200 level and it might continue to rise in the near term.
- There was a break above a crucial bearish trend line with resistance near $175 on the 4-hours chart (data feed from Coinbase).
- The price is showing positive signs and it could even break the $200 and $202 resistance levels.
Ethereum price is trading with a positive bias above $190 against the US Dollar. ETH price might correct lower, but dips are likely to remain supported near $190 and $185.
Ethereum Price Analysis
This past week, we saw positive signs for Ethereum price above the $175 support against the US Dollar. The ETH/USD pair followed a bullish path above the $180 level and the 55 simple moving average (4-hours). As a result, there was an upside break above the $182 and $185 resistance levels. On the other hand, bitcoin price struggled to gain traction above the $10,400 and $10,500 resistance levels.
During the recent rise, there was a break above a crucial bearish trend line with resistance near $175 on the 4-hours chart. The pair traded close to $200 and it is currently consolidating gains. An immediate support is near the $194 level, plus the 23.6% Fib retracement level of the recent upward wave from the $174 low to $200 high. If there is a major downside correction, the $186 and $185 levels might provide support.
Moreover, the 50% Fib retracement level of the recent upward wave from the $174 low to $200 high is near the $186 level to provide support. Therefore, dips towards the $186 and $185 levels are likely to find a strong buying interest. Below $185, the price might start a fresh bearish wave and it could revisit the $175 support area.
On the upside, there are two important resistances near $200 and $202. If there is an upside break above $200 and $202, the price could rally significantly above the $205 level. The next major resistance is near the $225 level.
Looking at the chart, Ethereum price is trading in an uptrend above $190 and $185. The current price action indicates more upsides above the $200 and $202 resistances. If there is a downside correction, buyers are likely to protect the $190 and $185 support levels.
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently well above the 50 level, with a positive bias.
Key Support Levels – $190, followed by the $185 zone.
Key Resistance Levels – $202 and $225.