Ethereum has managed to rebound and remain above the rising support line we had mentioned in our previous ETH analysis. The cryptocurrency has seen a four percent price rise over the past seven days, which has allowed the price of ETH to reach over $193.
Even though ETH has remained above the trend line, the cryptocurrency looks to be (still) in a fragile situation. However, if ETH/BTC can start to turn bullish, we may see a resurgence in ETH/USD back above the $200 mark.
ETH remains the second-largest cryptocurrency, second to Bitcoin, with a market cap of $20.61 billion.
Looking at the ETH/USD 1-day chart:
- Since our previous ETH/USD analysis, we can see that ETH continued higher after rebounding at the rising support line, but had failed to overcome the resistance at $202. Ethereum has since dropped back into the support area, where it currently trades.
- From above: If the bulls can climb back over $194, the next level of resistance lies at $200 and $202. Above $202, further resistance lies between $220 and $225, which is provided by the 200-days EMA and 100-days EMA, respectively. Above this, higher resistance lies at $229, $235, $240, $250 and $271.
- From below: The nearest level of support lies at the rising support trend line. If the sellers break beneath this trend line, we can expect support toward the downside at $190 and $180. Beneath $180, further support lies at $176.48, $165.42 and $150.
- The trading volume remains at about the average level.
- The RSI is rising but remains beneath the 50 levels. If the RSI can climb back above 50, this will be a promising sign that ETH might stay above the rising support line.
Looking at the ETH/BTC 1-day chart:
- We can see that Ethereim has continued to trade sideways against BTC after rebounding around 0.0176 BTC. The cryptocurrency has now established a range between 0.01925 BTC and 0.0176 BTC.
- From above: The nearest level of resistance lies at the upper boundary of the range. Above this, higher resistance lies at 0.01966 BTC and 0.02 BTC. If the bulls can continue further higher above 0.02 BTC, the next levels are found at 0.0204 BTC, 0.021 BTC, 0.02183 BTC, and 0.02322 BTC.
- From below: The nearest level of support lies at 0.018 BTC. Beneath this, further support can be found at 0.0179 BTC and 0.0176 BTC (lower boundary of the range).
- The trading volume remains quite low during this period of sideways movement.
- The RSI has recently poked above the 50 level, which is a promising sign for the bulls as they start to gain some form of momentum within the market. However, the Stochastic RSI is trading in overbought conditions and is about to produce a bearish crossover signal which could stall the ETH/BTC ascension.
The post Ethereum Price Analysis: ETH Gains Against Bitcoin, Is This a Shift In Trend? appeared first on Bitcoins Channel.