Ethereum [ETH] Price Analysis: Trend Remains Bullish, but Pullback from $225 Possible

By Nivesh Rustgi
Published February 7, 2020 Updated February 7, 2020
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Ethereum [ETH] Price Analysis: Trend Remains Bullish, but Pullback from $225 Possible

By Nivesh Rustgi
Published February 7, 2020 Updated February 7, 2020

Ethereum logs a new high for the year at $220. On shorter-time frames, the price quickly reversed to $216 after reaching the psychological resistance level. The price of Ethereum [ETH] at 5: 10 hours UTC on 7th February 2020 is $218.

The long term resistance to ETH is currently at the mid levels of the range around $225. It might form a strong level of resistance. Prominent derivatives and crypto trader, TraderXO tweeted,

$ETHUSD Longing the pullback if the opportunity arises Take profit in Q2

ethereum price analysis
Ethereum Price Analysis (Source)

Price broke above the bullish falling wedge pattern on the long-term charts signalling a bullish trend. The top of the pattern is around $365, at the highs around the 2019 bull run.

btcusd weekly chart
BTC/USD Weekly Chart on Bitfinex (TradingView)

Moreover, the daily 50-Day and 200-Day exponential moving average is also beginning to form a golden cross with the price.

Price Could to take a Bullish Break

Nevertheless, according to TD sequential on the daily chart, ETH is on a 13 of a bullish count. Hence, a strong pullback or pause in the bull run can be seen with today’s price action. Since, the trend is significantly bullish a pause is more likely.

 ethereum usd chart
ETH/USD Daily Price Chart with TD Sequential Count

The oscillators MACD and CMF are bullish along with the other indicators on weekly and daily scale. However, the RSI is now beginning to shoot to over-bought regions.

The RSI on the daily and 4-hour chart has reached to top of the June-July pump in 2019.

ethereum rsi
Ethereum 4-Hour RSI Index (TradingView)

The altcoins are strongly waiting for Bitcoin [BTC] to break $10,000. A top in Bitcoin [BTC] could essentially re-direct investors towards altcoins.

Bitcoin [BTC] is looks poised towards the five-digit target with almost all indicators pointing north. However, the increasing pile up of funding rates is now now starting to increase the probability of a long squeeze as well.

Do you think Bitcoin and Ethereum will break to $10k and $250 before a pull-back? Please share your views with us. 

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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.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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