Ethereum has observed a noteworthy 2.85% increase over the past 24 hr which brought its price up to $199. The cryptocurrency now marks a 9.5% surge over the past week which makes it the strongest one from the large-cap top 20 coins. This most recent hike is mainly a good result of ETH recovering against Bitcoin as we continue to head to 0.002 BTC..
Ethereum continues to be the second-largest cryptocurrency with a market cap of $21.41 billion.
Looking at the ETH/USD 1-day chart:
- Ever since our most recent ETH/USD analysis breakdown, ETH continued to boost toward the $200 level. The coin encountered short lived resistance at the previous rising trend line however it didn’t require much to then break above it.
- From above: If the bulls manage to break above $200, the closest level of resistance lies at $202. Above this, strong congestion lies on the horizon between $208 and $210 due to the 100-days and 200-days EMA being located here. Beyond $210, resistance lies at $225, $235, $250, and $250.
- From below: The nearest level of support lies at the rising trend line at about $194. Lower than this, support will be found at $185, $176 (downside 1.272 Fib Extension), $171, and $165.42 (downside 1.414 Fib Extension). Should the selling continue, support is then located at $160, $158, $152, and $149.52.
- The trading volume is starting to increase. It is increasing slowly but definitely increasing!
- The RSI has in recent times gone substantially higher above the 50 level which indicates that the bulls are in total control over the market momentum currently. That being said, the Stochastic RSI is in extreme overbought territory as we patiently wait for a bearish crossover signal that could certainly trigger a small retracement.
Looking at the ETH/BTC 1-day chart:
- Ethereum continued to recover against BTC after regrouping at the 0.016422 BTC level. The cryptocurrency is now swiftly and quickly coming up on 0.02 BTC. A break above here would confirm a strong bullish press higher.
- From above: The nearest levels of resistance lie at 0.19992 BTC and 0.02 BTC. Above 0.02 BTC, resistance is located at 0.020429 BTC, 0.02158 BTC (100-days EMA), 0.02235 BTC, 0.02362 BTC, and 0.024 BTC.
- From below: The nearest level of support lies at 0.0196 BTC. Beneath this, support is at 0.0189 BTC, 0.018 BTC, 0.0179 BTC, and 0.017670 BTC. If the selling continues, added support is expected at 0.017 BTC, 0.016422 BTC, and 0.01576 BTC.
- The trading volume has again increased during the month of September so far.
- The RSI is also in the strong favor of the bulls at this moment in time. Furthermore, the Stochastic RSI is also trading in overbought conditions as we wait for a bearish crossover signal for a potential market correction.
So then, all recent signs, sentiment as well as activity all leads to some nice, happy ties for Ethereum and then of course, hodlers of ETH! We will patiently wait and watch to see if these are genuine price increases or perhaps something else…
The post Ethereum Price Analysis: ETH Surges To $200, Are The Bad Days Finally Over? appeared first on CryptoPotato.