Kataryna Kovtun August 18, 2020
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- 1 Ethereum’s price action has been based on the support set above $ 410 for the past two days.
- 1.1 Ethereum`s price daily levels:
Ethereum’s price action has been based on the support set above $ 410 for the past two days.
Amid the struggle to hold above $ 420, Bitcoin’s price breakout to a high of $ 12492 has inspired the entire market, including ETH. The second-largest cryptocurrency by market capitalization climbed to new annual highs at $ 447. The cryptocurrency recently peaked at around $ 445 but has pulled back to support at $ 410 as sellers rushed to sell their assets.
The $ 450 obstacle resulted in a near-perfect double top pattern. Typically, this pattern results in a reversal from traded highs. Likewise, Ether rushed to seek (perhaps to confirm) support at $ 430 before buyers plot the next jump to $ 500.
Ethereum is trading at $ 430 at the time of writing on the BitXmi crypto exchange, showing a weak recovery, with bulls holding on tightly to support provided by 100 SMA and 50 SMA in the hourly range.
From a technical point of view, Ethereum may continue to trade sideways, mainly if the RSI stays above 45 and corrects towards the midline. The MACD also holds well above its centerline (0.00), however, a slight bearish divergence hints at increasing selling pressure.
Support at $ 430 with the aforementioned moving averages is the key to pushing up to $ 450. Also, the growth of the DeFi ecosystem has maintained a high interest in the blockchain project, especially as the community is eagerly awaiting the launch of ETH 2.0. Many analysts believe that the launch of the protocol will push the price of Ethereum above the $ 1000 level.
Ethereum`s price daily levels:
Spot Rate: $ 432.65
Relative change: 1.24
Percentage change: 0.30%
Trend: short-term bullish sentiment
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