Ethereum Price Analysis

Forex 2020

Junior member
40 2
In the past few days, there was a strong rise in Ethereum above the $205 resistance against the US Dollar. ETH price even outperformed Bitcoin and gained more than 10% in the past few sessions.

During the rise, there was a break above the 61.8% Fib retracement level of the main decline from the $288 swing high to $90 swing low. The bulls took over the market and they were able to push the price above the $200-$205 resistance zone.

The price is now trading well above the $220 pivot level and the 100-day simple moving average. More importantly, there was a break above a crucial bearish trend line with resistance near $208 on the daily chart of ETH/USD.

The pair is now testing a significant resistance zone near the $248 and $250 levels (the breakdown zone formed in Feb 2020). It is also close to the 76.4% Fib retracement level of the main decline from the $288 swing high to $90 swing low.
If Ether breaks the $248 and $250 resistance levels, it could easily continue higher above the $260 and $270 levels. The next key resistance is near the $300 level (a multi-touch zone). If the bulls succeed in clearing the $300 barrier, the price could surge towards the $320 and $330 levels.

If Ethereum fails to clear the $248 resistance level, there could be a short term downside correction. An initial support is near the $225 and $220 levels.

The first major support is now near the $205 level and the broken bearish trend line. Any further losses may perhaps lead the price towards the $190 zone and the 100-day simple moving average.
 

Forex 2020

Junior member
40 2
Ethereum Price Gaining Traction
Yesterday, we discussed the chances of Ethereum price testing the $250 resistance. ETH price did gain bullish momentum above the $245 level and tested the $250 resistance zone.

A high is formed near $251 and the price is trading well above the 100 hourly simple moving average. It is currently struggling to gain strength above the $250 and $252 levels.

Ether price tested the 23.6% Fib retracement level of the recent wave from the $235 low to $251 high. The first major support on the downside is seen near the $242 level.
The trend line is close to the 50% Fib retracement level of the recent wave from the $235 low to $251 high. If there is a downside break below the trend line support, there is a risk of more downsides below the $240 level.
On the upside, Ethereum must gain momentum above the $250 resistance zone. An immediate resistance is near the $255 level. The next major resistance is near the $265 level.

Any further gains could start a strong upward move. and the price might surpass the $275 resistance to test $282 or even $295 in the coming days.
If Ethereum starts a downside correction, it is likely to find bids near the $242 and $240 levels. The next major support is seen near the $235 level.

Any further losses may perhaps lead the price towards the $232 support zone or the 100 hourly SMA, where the bulls are likely to take a stand.
 

Forex 2020

Junior member
40 2
Ethereum Price Turns Red
This week, Ethereum price followed a bullish path above the $220 pivot level. ETH price broke many key hurdles near the $240 and $250 levels. It even spiked above $250 resistance, but struggled to continue higher.
A high is formed near $253 and the price started a strong decline, following bitcoin’s sharp slide below $10,000. Ether price broke many key supports near the $240 level to move into a short term bearish zone.
Besides, there was a break below a major bullish trend line with support near $240 on the hourly chart of ETH/USD. The pair spiked below the $230 support and the 100 hourly simple moving average.
It tested the $220 support zone and a low is formed near $218. Ethereum is currently recovering nicely above the $230 level. It surpassed the 50% Fib retracement level of the recent drop from the $253 high to $218 low.
However, there is a major hurdle forming near the $240 level. It coincides with the 61.8% Fib retracement level of the recent drop from the $253 high to $218 low. A successful break above the $240 resistance is needed for a fresh increase. The main resistance on the upside is still near the $250 and $255 levels.
The first major support for Ethereum is near the $230 level. The main uptrend support is near the $220 level, which acted as a strong resistance in the past few days.
If the price fails to stay above the $220 support, there is a risk of a larger decline towards the $205 and $200 support levels in the near term.
 

Forex 2020

Junior member
40 2
Ethereum Price Resumes Uptrend
Yesterday, we saw a sharp decline in Ethereum price below the $240 support. ETH price even spiked below the $230 support and the 100 hourly simple moving average.
Finally, it found support near $220 and recently started a fresh increase. There was a break above the $230 and $235 levels. Ether even managed to reclaim the $240 resistance and settled nicely above the 100 hourly simple moving average.
It traded as high as $246 and it is currently consolidating gains. An initial support is near the $242 level. The 23.6% Fib retracement level of the recent rise from the $218 swing low to $246 high is also near the $240 support.
More importantly, it seems like there is a rising channel forming with support near $242 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $250 level and the channel upper trend line.
If the price clears the $250 resistance, it is likely to continue higher towards the $255 level. Any further gains might call for a test of the $262 level or even $268.
Fresh Decrease in ETH?
If Ethereum fails to stay above the $242 and $240 support levels, it could start a fresh decline. The next major support is seen near the $232 level or the 50% Fib retracement level of the recent rise from the $218 swing low to $246 high. A downside break below the $232 and $230 support levels could accelerate decline and the price may perhaps revisit the $218 swing low.
 

Forex 2020

Junior member
40 2
Ethereum price extended its decline below the $240 support level. ETH price traded close to the $235 level before the bulls took a stand. A low is formed near $234 and the price recently recovered sharply.
There was a break above the $240 resistance zone and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $242 on the hourly chart of ETH/USD.
However, ether price again struggled to gain strength above the $245 resistance. A high is formed near $246 and the price is currently correcting lower. It tested the 23.6% Fib retracement level of the recent wave from the $234 low to $246 high.
The first major support on the downside is near the $242 level and the 100 hourly simple moving average. The next key support is near the $240 level and the 50% Fib retracement level of the recent wave from the $234 low to $246 high.On the upside, the bulls need to gain strength above the $245 and $250 resistance levels to start a strong increase. The next major barrier could be near the $260 and $262 levels.
Dips Supported in ETH
If Ethereum fails to continue higher above $245, it could react to the downside. The main support is near the $240 level and the 100 hourly simple moving average.
If the price settles below $240, there is a risk of another test of the $230 support. Any further losses could lead the price towards the $220 support zone.
 

Forex 2020

Junior member
40 2
In the past 3-4 sessions, there was a strong increase in Ethereum above the $1,300 resistance level. ETH outperformed bitcoin and it rallied above the $1,400 resistance level.

There was also a close above the $1,400 level . Ether gained 15% and it traded to a new all-time high near the $1,476 level. The price is currently correcting lower and trading below the $1,450 level.

There was a break below the level of the recent rally from the $1,299 swing low $1,476 high. An initial support on the downside is near the $1,400 level. There is also is a key bullish trend line forming with support near $1,360 on the hourly chart of ETH/USD.

On the upside, the price is facing hurdles near $1,450 and $1,475. The main resistance is near the $1,500 level. A clear break above the $1,500 resistance level could open the doors for a sharp increase in the coming sessions. The next stop for the bulls could be $1,580 or $1,600.
 
Last edited by a moderator:

Forex 2020

Junior member
40 2

Ethereum Price is Showing Bearish Signs​

After testing the $1,250 support zone, Ethereum started a fresh increase. ETH broke the $1,300 and $1,320 resistance levels. It even broke the $1,350 level and the 100 hourly simple moving average.

However, the bulls failed to keep the price above $1,350. A high was formed near $1,375 and the price is currently declining. There was a break below the $1,350 support level. Ether is now trading well below $1,350 and the 100 hourly simple moving average.

It is testing the 50% Fib retracement level of the upward move from the $1,246 low to $1,375 high. It seems like there is a key bearish trend line forming with resistance near $1,360 on the hourly chart of ETH/USD.

On the downside, an immediate support is near the $1,295 level. It coincides with the 61.8% Fib retracement level of the upward move from the $1,246 low to $1,375 high. The next major support is near the $1,250 level, below which ether could continue to move down towards the $1,200 support zone or even $1,180.
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock