Skip to main content

ETHEREUM PRICE ANALYSIS: ETH SHOWS STRENGTH, IS $200 IN SIGHT?



Ethereum has seen a promising increase of 4.35% this week which allowed it to reach $183. This recent increase is largely attributed to the solid rebound that Ethereum has been experiencing against BTC. Over the past 4 days, ETH has surged by 10%, reaching the current price at 0.0176 BTC. If the cryptocurrency can continue to increase against Bitcoin, we may see ETH slowly grinding higher above $200.
Ethereum remains the second-largest cryptocurrency with a market cap of $19.58 billion.



Looking at the ETH/USD 1-day chart:



  • ·       Since our previous ETH/USD analysis, ETH started to climb back slowly above the $170 level. The cryptocurrency has recently reached the resistance at $185 but has stalled ever since.
  • ·       From above: The nearest level of resistance lies directly at $185. Above this, higher resistance is found at the previous rising support trend line and then at $194. If the buyers can continue to push the price further, resistance can be expected at $200, $202, $210, and $213. The resistance between $210 and $213 is bolstered by both the 100-days EMA and 200-days EMA.
  • ·       From below: The nearest level of support lies at $171. Beneath this, support can be found at $165, $160, $158, $152, and $148.52.
  • ·       The trading volume is steady but showing signs that it may increase.
  • ·       The RSI has recently penetrated above the 50 level after staying below it for most of August. If it can continue to climb higher, we should see ETH making its way above $200.

  Looking at the ETH/BTC 1-day chart:
  • ·       Ethereum has shown very promising sings against Bitcoin after jumping off the support around 0.0165 BTC. ETH has risen by 10% since then and has recently met the resistance at 0.0176 BTC.
  • ·       From above: The nearest levels of resistance lie at 0.01790 BTC and 0.018 BTC. Above this, resistance is found at 0.01918 BTC, 0.01966 BTC, 0.020 BTC, and 0.0204 BTC. If the buyers continue to drive the price higher, resistance can be expected at 0.021 BTC, 0.02190 BTC (100-days EMA), 0.02230 BTC, 0.0024 BTC, and 0.0025 BTC.
  • ·       From below: The nearest level of support lies at 0.01720 BTC. Beneath this, support is found at 0.017 BTC, 0.01642 BTC, 0.016 BTC, 0.01576 BTC, and 0.01534 BTC.
  • ·       The trading volume remains low but has seen some surge over the past few days.
  • ·       The RSI has also managed to break above the 50 level for the first time since late May. If it can continue to climb higher, we should see ETH making its way toward 0.002 BTC.










Comments

Popular posts from this blog

Bitcoin Hash Rate Hits All-Time High: Here’s How It Works And How It Affects The Price

Bitcoin intelligence, data, and analytics firm Glassnode found the Bitcoin hash rate hit a new all-time high over the weekend, ten days before the Bitcoin halving event. In other words, miners are putting more computational power into maintaining the Bitcoin network. Because miners must venture electricity and capital intensive computer processors to mine Bitcoin, the increase in hash rate is a bullish sign. It means miners are after the Bitcoin rewards they get from maintaining the network. And they’re venturing the resources to go after those rewards. Is The Bitcoin Hash Rate Correlated With The Price? In general, the Bitcoin price and the hash rate are not correlated. The price is what buyers and sellers agree to pay for one Bitcoin, and there are many factors – external and internal – affecting the price. However, there is a relation between the two. While the price goes up, it’s more profitable to mine, which likely to cause more miners to turn on their mining equ...

South Korea Won’t Tax Cryptocurrency Profits, For Now

Good news for cryptocurrency traders in South Korea as profit generated from crypto trading will not be subjected to tax, according to a recent announcement from the country’s Ministry of Finance and Strategy. The Ministry clarified that the current tax law does not consider crypto trading gains as taxable income; thus, Korean crypto traders are not required to pay taxes on the profits they earn from crypto trading for the time being.  However, crypto traders in the country may not be exempted from taxation for a long time. An official of the Ministry said that the Ministry is aware of the loophole in the current tax law, and they are currently reviewing the regulations in major foreign countries so that they can amend theirs in an effective way. “The income tax law is only taxable on income listed as taxable. We are preparing a taxation plan for virtual assets by comprehensively reviewing the taxation of major countries, consistency with accounting standards, and trend...

IN THE NEW DECADE, CRYPTO WILL BECOME ESSENTIAL LIKE EMAIL: SAYS TYLER WINKLEVOSS

It’s the start of a new decade, and industry famous twin Tyler Winklevoss, the co-founder, and CEO of cryptocurrency exchange and custodian company Gemini Trust, has shared his views on what the next ten years hold for crypto. According to Winklevoss, crypto is already becoming more than a niche technology and a form of money, and it will play an essential role in our daily life in the foreseeable future. “Today, crypto is still a niche technology and a form of money. It is not crucial to your everyday life the way email and other web applications are, but our thesis is that this will change — it’s already changing if you look close enough,” Winklevoss wrote. Winklevoss added that the decentralized nature of cryptocurrencies, which empowers individuals, will be the driving force within the new decade. Crypto will not only redesign the internet but will also redesign the financial and monetary systems to protect the rights and dignity of users, he said. The Winklevos...