Price Analysis

Bear or Bull: Ethereum (ETH) Puts the Investors in Dilemma

Ethereum is the second generation Blockchain, which acts as a platform for DApps. Ethereum Blockchain utilizes Ether as their native token, which is represented by ETH across the Cryptocurrency exchanges.

ETH Price Analysis

Prices are inside Kumo, and it’s currently trading along Senkou Span A in 1 Week Time Frame, and Senkou Span A also coincides with the weekly key support around $191.53. Thus, it would be wise to wait and see where ETH price will go, whether it bounces from the key support or goes below towards critical support at $80.56.

ETH Price Chart
ETH Chart By TradingView

Going through 1D Time Frame, it is clear that the Ethereum price is struggling to do S/R (Support/Resistance) Flip of weekly key support at $191.53, which also coincides with 61.8% fib level on Fib retracement tool and looks like it is acting as a resistance now. Prices are currently supported by 49 day SMA (Simple Moving Average) at $180.95. It is very important to see whether prices will bounce from this key support area of $180 – $190 or goes back towards critical support of $80 range. If prices bounce from here next important level for the ETH coin to do is S/R Flip of 200 days SMA (solid red line) at $215 and beyond that it is a highway to $300-$350 area.

Ethereum Price
ETH Chart By TradingView

Stochastic Relative Strength Index (Stoch RSI) also indicates that the prices are oversold, and most likely there will be a shift. Please refer below given Stoch RSI chart where Blue solid line is making a Golden cross with Red solid line.

ETH Price
ETH Chart By TradingView

Looking at 4H Time Frame, it is evident the prices are held by 200 days SMA (Simple Moving Average) as a support, and it also coincides with 38.20% on Fib Retracement tool. Stoch RSI (Stochastic Relative Strength Index) here is moving towards the oversold zone. Meanwhile, this whole setup can be invalidated by the King, aka Bitcoin; BTC prices itself is struggling to maintain its support at 61.8% Fib level which corresponds to $8500 area. If BTC price goes south from here to 78.6% of Fib level, i.e. $8000 area then expect ETH/USD prices too to fall below from 38.2% Fib to 61.8% Fib level or 78.6% Fib level which corresponds to $170 and $163 respectively.

Ethereum Price Chart
ETH Chart By TradingView
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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.
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