- Ethereum breaches $190 over the last 24 hours.
- It may take more time to touch the week’s high at $203 for ETH.
Ethereum price has finally gone beyond $190 after the last few days of struggle. Over the last week, the coin has shown four major price movements, and it has shown the highest point at $203. Before analyzing the ETH price changes, let us see the current statistics of the coin now.
Ethereum Price Statistics
- Ethereum is the second-largest coin in the market with an ROI of 6,637.97%.
- A total of 107,433,765 ETH coins are in the circulating supply of the coin.
- The market cap of the coin as on 23rd August at 03:01 UTC is $20,464,080,680.
- The value of each coin stands at $190.92 and 0.01890178 BTC.
- The 24h volume stands at $7,282,235,311.
ETH to USD Price Comparison
On 17th August, Ethereum was hovering around 182 USD, and it got a push of 15.73 USD over the next day to reach 197.95 USD. By 19th August, price of the coin declined to 193 USD and from there it again showed an upward movement of 5.24% to reach 203.33 USD towards the end of 19th August, this makes the highest point of the week. However, the coin value could not last long beyond 200 USD, and it faced a price correction over the next 1 day, and it fell to 181 USD by 21st August, and this makes the lowest point of ETH in the week. The latest swing happened between 21st August and 22nd August, which added 13.27 USD to the coin and currently the value is still below 200 USD.
Ethereum Price Prediction
Ethereum’s next target should be $200, and as a top-ranked coin, it is likely to grow significantly in the coming days. Experts predict that the coin is likely to get a bullish run before this ends. Here are the next resistance and support levels of ETH.
|Ethereum (ETH)||Resistance & Support Levels|
|1st Resistance Level||$196.04|
|2nd Resistance Level||$200.75|
|3rd Resistance Level||$207.08|
|1st Support Level||$185|
|2nd Support Level||$178.67|
|3rd Support Level||$173.96|
Ethereum technical analysis: ETH/USD bearish flag subject to a potential breakout
- Ethereum price is trading in the red marginally, down 2.50% the session on Tuesday.
- ETH/USD is moving within consolidation mode within a bearish flag structure.
- Heavy supply can be observed at the $200 price market, where the price faced some rejection just a few sessions ago.
ETH/USD daily chart
Price action is moving within a bearish flag structure, subject to a potential breakout south.
ETH/USD 60-minute chart
Price action is being supported by an ascending trend line near-term via the 60-minute chart view, bears are testing it to the downside.
Spot rate: 186.07
Relative change: -2.50%
|Today last price||182.83|
|Today Daily Change||1.54|
|Today Daily Change %||0.85|
|Today daily open||181.29|
|Previous Daily High||184.85|
|Previous Daily Low||178.89|
|Previous Weekly High||197.8|
|Previous Weekly Low||168.1|
|Previous Monthly High||224.69|
|Previous Monthly Low||152.51|
|Daily Fibonacci 38.2%||182.57|
|Daily Fibonacci 61.8%||181.16|
|Daily Pivot Point S1||178.5|
|Daily Pivot Point S2||175.71|
|Daily Pivot Point S3||172.54|
|Daily Pivot Point R1||184.46|
|Daily Pivot Point R2||187.64|
|Daily Pivot Point R3||190.43|
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Ethereum’s Bearish Wave Count Outlined by Cryptocurrency Analyst
Ethereum is the second-largest cryptocurrency when ranked by its market capitalization. It made headlines on Monday when its co-founder was spotted in the company of several Chinese investors and internet moguls. This could have been the reason for a nearly 10 percent increase in the price of the altcoin.
However, despite this price spike, Ethereum has been on a downward trend for the prior 110 days.
According to him, the price is ready to make a downward move towards $170.
While the short-term wave count seems correct, we want to look at the longer-term price action to decide the Ethereum price outlook and find a target for the end of the downward move.
Ethereum Wave Count
Looking at the price movement since Ethereum reached a low of $83 on December 7, 2018, we believe the ETH price has finished a five-wave upward move when it reached a high of $363 on June 26, 2019.
Since then, the Ethereum price has been trading inside of a descending wedge. The descending wedge is a bullish pattern, making a price breakout more likely. While inside its confines, ETH has either finished the final corrective C-wave or is very close to doing so.
However, it is also right at the resistance line of the pattern. Therefore, even though the wedge is a bullish pattern, we could definitely see an extension of the downward leg towards the support area if the price does not break out immediately.
When we look at the daily moving averages (MAs), the possibility of a breakout is greatly reduced.
The 100- and 200-day MAs have just made a bearish cross and are providing close resistance to the price.
A bullish cross between the two MAs occurred in May and preceded an increase of more than 100 percent.
The current bearish cross could very well be a precursor to a similar decrease. However, due to the support area outlined near $160 and the projected end of the wedge, we do not believe this decrease will have the same magnitude.
What Will Happen?
Looking at the four-hour chart to which @smartcontracter alluded to, we can see a short-term ascending support line. Combining it with the descending resistance line from the wedge, we get a symmetrical triangle which is projected to end in two days.
A decisive move should occur by that time.
Based on our long-term analysis, we agree with the statement made by @smartcontracter that the price is likely to initiate a downward move.
Ethereum’s price may be hit by a breach of the ascending channel
Ethereum noted a fall of 9.40% in the month of September, pulling the value of the coin from $204.80 to $185.54. However, October provided some relief after the price noted a rise of 9.82%, taking the price from $172.16 to $189.14. The second largest coin in the cryptocurrency market currently stands priced at $184.82, with a market cap of $19.98 billion.
However, the long-term chart has predicted that the rise could only be momentary and that the coin might note a fall.
Daily ETH chart
Source: ETH/USD on TradingView
The daily chart for Ethereum suggested the formation of an ascending channel. This channel, characterized by two upward sloping lines, marked the higher highs at $177.12, $183.85, and $200.98 and higher lows at $152.04, $168.56, and $176.51. According to the nature of the formed pattern, a breakout towards the downside may take place with its breach.
The moving average 50 lay under the moving average 100 for the 62nd consecutive day. The averages rested above the candlesticks, indicating a highly bearish market. Even though the MACD indicator suggests a bullish market, the reduced momentum implies that a reversal of trend could be possible.
The long-term chart for Ethereum points at a devaluation in the value of the coin, as it breaches out of the ascending channel.