Ethereum Price Analysis: ETH Flexing Muscles But Can It Rise to $240 Over the Weekend?

John Isige Altcoin News September 20, 2019

Ethereum Price Prediction

Ethereum Price Analysis: ETH Flexing Muscles But Can It Rise to $240 Over the Weekend?

  • Ethereum breaks the one-month long losing streak to post gains for three straight days.
  • Technical indicators are ripe for a resurface above $220 while $230 is the short-term goal.

Ethereum faced a minor setback on Thursday mainly pulled down by Bitcoin’s revisit to $9,600. However, a quick reversal amid high volatility levels propelled Ether to new September highs around $227. A minor correction has been witnessed during the Asian and European sessions on Friday whereby ETH has lost about 0.84% of its value. Extending range to the last 24 hours, we see resilience by the asset having sustained gains of roughly 4%.

ETH/USD 4-hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

The ballistic move yesterday pierced through the Bollinger Bands 4-hour. Ethereum presented good opportunities for trade. Meanwhile, it is valued at $219 after finding balance within the middle curve of the Bollinger Bands.

The relative strength index (RSI) in the four-hour range is sending bullish signals at the time of writing. A likely resurface in the overbought (levels above 70) will see more buying entries as bulls double down on the potential correction towards $230 barrier.

The price is also holding position above the 100 moving average (MA) on the 4-hour chart. The MA at $186 is playing catch up signaling a continues bullish momentum in the near future. Similarly, the moving average convergence divergence (MACD) in the same range is holding at ease in the positive region. A sideways trend observed suggests that Ether will trend sideways with minor fluctuations in the near-term. Continued movement north will also signal an improving bullish picture.

As far as support is concerned, Ethereum will find refuge at $210. Extended corrections encounter the next support at $200. The above-mentioned 100 MA will also support downside in addition to $190 and $180.

Ethereum Key Technical Levels

Spot rate: $218.90

Relative Change: -1.85

Open: $221.04

High: $22.39

Lows: $214.77

Trend: Bullish

Target: $230 in the short-term

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 679 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
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