Ethereum price analysis: ETH/USD Breakout Is Matter of When?

John Isige Altcoin News September 23, 2019
Ethereum-Mining1

Ethereum price analysis: ETH/USD Breakout Is Matter of When?

  • Ethereum consolidation is likely to touch $200, even drop to $190 before the next significant breakout to $300.
  • A break above the descending trendline resistance could push the throttle forwards for the next breakout.

Ethereum is having one of the healthiest consolidation phases. This follows a correction under the descending trendline resistance. Before the correction, Ethereum focuses on breaking boundaries including $190, $200 and $220.

Several support areas tried but failed to cushion the drop. The initial tentative support at the 61.8% Fib retracement level taken between the last swing high of $228.12 to a swing low of $196.65 gave in to the selling action.

ETH/USD 1-hour chart

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

The simple moving averages; SMA 50 on the one-hour and the SMA 100 also caved in. The sellers took advantage to push the price lower towards $205 (current support area). Although eyeing $200 as the support area, Ethereum reversed the trend stepping above $2010 over the weekend.

However, the upside has remained capped at the 50% Fibonacci level. Besides, the SMA 50 cross under the longer term SMA 100 meant that a lower consolidation was imminent. At press time, ETH/USD is changing hands at $219 amid a building bullish momentum.

On the brighter side, the moving average convergence divergence clearly shows bullish action isn’t dead. The divergence and consolidation between $205 and $210 are likely to give way to a breakout above the short-term trendline resistance.

A-Pro analyst on Tradingview, Blorenz says that Ethereum could touch $200 in the short-term and even trade closer to $190. He believes $190 to a very solid support which will give long-term results in gains to levels between $255 and $300.

“The highly anticipated descending wedge pattern came in perfectly, and the breakout is now likely to see some follow up action.”

Ethereum Key Technical Indicators

Spot rate: $208

Relative change: -2

Open: $211.18

High: $211.77

Trend: Bullish

Volatility: Low

Key Support: $200 and $190

Hurdles: $210 and $230

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Ethereum price analysis: ETH/USD Breakout Is Matter of When?
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Ethereum price analysis: ETH/USD Breakout Is Matter of When?
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Ethereum consolidation is likely to touch $200, even drop to $190 before the next significant breakout to $300. A break above the descending trendline resistance could push the throttle forwards for the next breakout.
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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 242 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 @