Ethereum [ETH] Ballistic Rise Stalls Short of $330


Ethereum Price Prediction

Ethereum [ETH] Ballistic Rise Stalls Short of $330

  • Ethereum outperforms other altcoins with gains as high as $326.
  • Consolidation in the narrow range likely to give way to further gains heading to $400.

Ethereum has been the best performing digital asset after Bitcoin since the surge over the last weekend kicked off. For the first time in 2019, ETH/USD exchange hands above the key $300 hurdle. In addition, gains extended above $320 before forming a high around $326.

ETH/USD 4-h chart

Ethereum price Chart
Chart source: Tradingview

The gains come after had just recovered from the lows reached in June close to $226. The recovery stepped by the 100 Simple Moving Average (SMA) resistance $254 giving the momentum a push above $260 and later beyond $280. The Bitcoin driven surge added to the rising momentum for Ethereum price.

Although Ethereum is trading at the highest levels in 2019, movements upwards have stalled within a narrow range between $300 (support limit) and $320 (resistance limit). Sustained correction past $320, could the key to further movement towards $400.

In the meantime, the support at $300 is vital and will help mitigate retracements south. Other key levels to look out for are $280 (buyer congestion zone), $260 (buyer congestion zone) as well as $220 (primary support).

Also Read: Crypto-Market Update: Bitcoin [BTC] Re-tests $11200, As Alts XRP, ETH, LTC Await Bull Season

Technical analysis shows Ethereum having a huge bullish bias in the short-term. The Relative Strength Index (RSI), for instance, has been forming a higher low pattern. The upward trend shows that in spite of the up and downs, ETH/USD could continue moving upwards above the trendline support.

Moreover, the Moving Average Convergence Divergence (MACD) suggests buyer exhaustion and upward that is strongly limited. However, as long as the indicator stays within the positive region, Ethereum can eventually shoot above the key $320 resistance and increase the gains above $330.

ETH Key Technical Indicators

RSI 4-h: Higher low pattern suggestion a growing bullish momentum.

MACD 4-h: Sustained position in the positive region could give way to gains above $330.

Key Resistance: $320

Key Support: $300

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Ethereum [ETH] Ballistic Rise Stalls Short of $330
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Ethereum [ETH] Ballistic Rise Stalls Short of $330
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Ethereum outperforms other altcoins with gains as high as $326. Consolidation in the narrow range likely to give way to further gains heading to $400.
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 163 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @