Ethereum Price Analysis Today: ETH Yet to See Lower Lows or Levels To Buy (ETH/USD)

ethereum price chart

Cryptocurrency as a whole took a beating yesterday, with Bitcoin -3.09% leading, the market went into a short free fall across almost the entire marketplace. If you take a quick look at my last analysis posted on Ethereum -3.45% , you’ll see the plan pretty much went perfectly up until yesterday, except from where price broke the support/resistance zone but instead of staying above the zone as I had hoped for, price actually went below the zone instead, therefore negating the last part of my analysis. This was due to a hard sell off in the marketplace, and I didn’t foresee the market going down as steeply as it did. But this has happened, and obviously I will continue to track every step Ethereum -3.45% takes to make sure we’re sufficiently updated, so that we can react to a trade as soon as needed.

Ethereum (ETH) Price Today / USD

Name Price24H (%)
Ethereum (ETH)
$210.65
0.43%

ETH/USD – Levels To Buy

Now looking at Ethereum -3.45% , it traded strongly downwards in yesterdays trading session to the horizontal support zone between 425 and 408. since hitting the zone, price has stopped, at least for now and is showing some very small signs of bullish presence. When price has only just hit the support zone , it is too early to predict whether price will actually stay at this support or potentially go lower. So for that reason I will now outline the possibilities, and then just keep updating the analysis as Ethereum -3.45% begins moving properly.

Ethereum -3.45% is now likely to run 2 possible paths. they are:

— Ethereum -3.45% bounces off the horizontal support zone it’s currently at, corrects higher to around 456, which is the level where the 20 and 50 moving average will likely be by then, and they will act as resistance, before again falling to the downside, hitting the horizontal support zone we’re at now, again.

— Ethereum -3.45% does a small pop now, not more than 10 points, and falls again, and gets dominated by the bears again. If this happens we will break the horizontal support zone and fall lower, probably finding support at a side-wards support line at 362 before a likely bounce up.

Bear in mind that if price falls lower to the side-wards support line it has a much higher odds of bouncing from this level, purely on the basis that by the time Ethereum -3.45% gets this low, it would be in an extended downtrend and it would need to correct here as per normal Elliot Wave behavior.

Comment: I forgot to mention… If price breaks above 456, this could equally signal a recovery upside move!



ETH Yet to See Lower Lows

ETH has more cushion because the last bounce was more significant.

This means while BTC -3.09% is dropping to lower lows, ETH has yet to break the bottom of this dump yet.

Momentum still favors the odds to break this level until we see BTC -3.09% make some kind of move that shows bulls buying the dip.

ETH Bulls need to be cautious as we are much close to the must hold daily support than BTC -3.09% is.

This means we will likely break to a lower low before BTC -3.09% does on the longer term time frames.

BTC -3.09% has not shown us 1 sign of bullish action since our last $6,800 rejection and the momentum shift.

We cannot give bulls ANY benefit of the doubt against this trend unless they give us a reason to.


The Value of Ethereum Is Back In the Red As the Bears Establish Their Presence

The bears are back in the game, as Ethereum (ETH), as well as other top digital currencies in the market, are back in the red after bouncing off the descending trendline. ETH has been changing hands beneath a descending channel visible at the four hourly chart of the coin. The value of the coin recently bounced off this resistance, this happened to line up with the 200-Day simple moving average and a previous support level.

Ethereum (ETH) Price Analysis

Ethereum (ETH) seems to be under the control of the bears, and the digital currency could test the Fib extension zones from here. The value of the coin is already fluctuating around the 50 percent extension at the $424 mark and it might be due for a decline towards the 61.8 Fib extension close to the swing low.

The longer-term 200-Day simple moving average is above the 100-Day simple moving average signaling that the path of least resistance is heading south or the sell-off is likely to continue instead of reversing. Nevertheless, the relative strength index is already sinking to the oversold zone.

It’s yet to increase to indicate the return of buying pressure. Stochastic oscillator is in the oversold zone as well but is not showing signs of recovery yet. If the digital currency continues to head south, it might test the $400 mark in the short-term, but if the bulls are able to overtake the bears, the value of the coin could surge and break its key resistance at the $474 mark.


SEE ALSO:   Bitcoin bubble or boost: $30,000 - Bitcoin price prediction 2018 from a financial analyst (BTC Forecast News) - Thu Sept 20

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