Ethereum Price Analysis

[Forex 2020]

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]

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]

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]

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]

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]

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.

 

[Forex 2020]

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.