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Ethereum market update: ETH/USD briefly surges to stay above $200

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  • Ethereum momentum has stalled $202.43 following a 3.15% rise on the day.
  • Bulls must defend $200 support in order to stage a break above $205 resistance.

Ethereum hovers above $200 following a new week’s price action. The weekend session was particularly bullish for ETH. The bulls managed to escape the bear range between $180 and $190. This price action set the ground for the breakout above $200 on Monday.

At the time of writing, Ethereum bulls have control over the price. However, the momentum has stalled $202.43 following a 3.15% rise on the day. The 50 Simple Moving Average one-hour is expanding the gap above the 100 SMA one-hour as a key indicator that the buyers will win the confrontation with a break above $205 (seller congestion zone).

Technical analysis suggests the buyers have the upper hand. The Moving Average Convergence Divergence (MACD) is moving higher within the positive territory. The positive divergence signals rising buying power.

Moreover, the Relative Strength Index in the same one-hour has entered the overbought region. On one hand, this shows bullish pressure being at the peak. On the other, it could mean an impending reversal due to the overbought conditions. In spite of all these, if buyers manage to keep the price above $200, they will get time to stage another breakout.

BTC/USD 1-hour chart

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Ethereum (ETH/USD) forecast and analysis on September 18, 2019

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Cryptocurrency Ethereum (ETH/USD) is trading at 198. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator stripes.

Ethereum (ETH/USD) forecast and analysis on September 18, 2019

As part of the Ethereum forecast, a test of level 194 is expected. Where can we expect an attempt to continue the growth of ETH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 211. The conservative buying area Ethereum is located near the lower border of the Bollinger Bands indicator strip at 178.

Ethereum (ETH/USD) forecast and analysis on September 18, 2019

Cancellation of the option to continue the growth of the Ethereum rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and the closing of quotations of the pair below the area of ​​174. This will indicate a change in the current trend in favor of the bearish for ETH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect acceleration of the cryptocurrency fall.

Ethereum (ETH/USD) forecast and analysis on September 18, 2019 implies a test level of 194. Further growth is expected to continue to the area above the level of 211. The conservative area for buying Ethereum is located area of 178. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 174. In this case, we should expect a further fall.

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Ethereum price analysis: ETH/USD majestically breakouts, eyes set on $220

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  • Ethereum is knocking at $215 resistance but the focus in the short-term remains to be the $220 hurdle.
  • According to the technical levels, the impressive performance will continue in the coming sessions on Tuesday.

Ethereum has been among the best performers this week. The second-largest cryptocurrency with a market cap of $22.9 billion is changing the narrative by pushing altcoins in a bullish direction irrespective of Bitcoin’s downward trend in the last few days. Data by CoinMarketCap shows Ether having corrected 7.68% higher in the last 24 hours compared to Bitcoin’s -0.07% drop in the same period.

Ethereum price technical picture

The 4-hour chart shows Ethereum not only above the resistance at $200 but also testing the hurdle at $215. The price is trading above the simple moving averages; the 50 SMA currently playing catch up at $187 while the 100 SMA holding ground at $180. The gap between the 50 SMA and the 100 SMA continues to rise as a signal for the improving bullish picture.

Besides, the moving average convergence divergence (MACD) is scaling the levels in the positive territory. The bullish divergence at +8.42 suggests that the buyers will continue to shape the direction of the price in the coming sessions on Tuesday. Ethereum buyers are looking forward to kicking the price above $220, a move that is meant to open the way for a correction towards $240 and $300 resistance targets.

ETH/USD 1-hour chart

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Ether, XRP Rise to 1-Month Highs While Bitcoin Falls

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Ether, XRP Rise to 1-Month Highs While Bitcoin Falls

Demand for alternative cryptocurrencies has seen their performance rise over the last 24 hours despite bitcoin’s (BTC) failure to take another leg up.

It raises the question as to whether the “alt season”, a period where alternative crypto sees considerable growth regardless of BTC’s performance, is finally here.

Ether (ETH) and XRP (XRP) rose between six to 10 percent on the day backed by solid demand seen in large 24-hour trading volumes.

The event marks a divergence from recent weeks with BTC’s dominance rating, a share of the total crypto market value, having hit a 30-month high above 70 percent earlier this month.

That number has since dropped to 68.3 percent as interest in alternative cryptos begins to pick up once more.

As seen above, both XRP and ETH experienced swift rallies in their price between 10 pm on Sept. 17 and 3:00 am Sept. 18, while BTC was down 1 percent over the same period.

Other notable crypto assets such as Stellar (XLM), Binance Coin (BNB) and Litecoin (LTC) are also up between 2.5 and nine percent.

The total market capitalization of all crypto, excluding BTC, also rose by more than $5.4 billion over 24 hours, while total trading volume was up $7.2 billion.

It could be a sign that investors are growing wary of any further potential gains in BTC’s growth and looking elsewhere, given that its price has remained within a $300 range for nearly 2 weeks.

Disclosure: The author holds no cryptocurrency at the time of writing.

XRP, ETH and BTC image via Shutterstock; charts via Trading View

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