Can Ethereum (ETH) Still Hit $20k?

The value of Ethereum (ETH) is under serious selling pressure as it recently declined below the $200 support level against the U.S dollar. The value of the digital currency is currently heading south against Bitcoin (BTC) and the U.S dollar.

Does Ethereum (ETH) still has what it takes to break over its all-time high by the end of this year? At the moment, the digital currency could continue its downward movement until buyers take a strong stand.

Ethereum (ETH) Price Today – ETH / USD

Name Price24H (%)
Ethereum (ETH)
$208.91
-0.87%

At the time of writing, Ethereum (ETH) is trading at $191 after losing more than 12 percent of its value over the past twenty-four hours. The market cap of the digital currency has also reduced to $19.43 billion and its trading volume over the past twenty-four hours is $1.64 billion.

Ethereum (ETH) Price Analysis and Prediction

There was no prime recovery in the value of Ethereum (ETH) over the $230 mark against the U.S. dollar. The digital currency remained in a bearish territory and declined further. The digital currency also broke the previous swing low close to the $209 mark and plunged lower.

Sellers also pushed the value of the digital currency beneath the $200 and $190 marks. Also, the digital currency is now trading well beneath the $230 hurdle and the 100-hourly simple moving average. Recently, the value of the coin broke a consolidating pattern with support at $225. This paved the way for further losses and the digital currency tested a new monthly and yearly low at $185.

At the moment, it seems like sellers are in full control and the value of the coin could decline further. On the upside, the 23.6 percent Fibonacci retracement level of the previous swing from the high of $287 to the low of $185 is at $209.

Moreover, there is a formation of a key bearish trendline with hurdle at the $205 mark on the four-hour chart of the coin. Hence, if the digital currency corrects higher, it is likely to face sellers close to the $200, $205, and $210 marks in the short-term.

Can ETH Reach $20k?

At the moment, the possibility of Ethereum testing its all-time high before the end of this year as earlier predicted is very slim. The digital currency has been falling for the past few weeks, and a lot of ICOs and investors are selling off their coins. However, the digital currency market is highly unpredictable just as it is highly volatile, hence no one knows what is next of the coin.


SEE ALSO:   JP Morgan internal Cryptocurrency prediction report: Bitcoin, Bitcoin Cash, Ethereum, Ripple, Cardano, Dash, Litcoin etc are here to stay - Cryptocurrency News Today - Wed Sept 19

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