ETHUSD pair is showing the bullish signal for the weekly timeframe. Is $320 next target for Ethereum? Here is the 02-08 October Ethereum Technical Analysis.
02-08 October Ethereum Technical Analysis
Fundamentally, the ETHUSD pair is been outperforming. Though the ETHUSD price is trading in a range-bound zone since past few weeks. Moreover, Bitcoin.de, the largest German bitcoin marketplace, will soon be going to integrate support for Ethereum traders on its platform.
Despite having friendly regulatory frameworks and policies for bitcoin businesses and investors, the Europe has continuously lagged behind the US, Japan, and South Korea in terms of cryptocurrency development and trading volumes.
Technically, the Ethereum price dropped 16.50 % ($59.18 per ETH) in 1 month period but if we see the bigger picture than the ETHUSD prices surged to 2,119.88% in last one year. Moreover, the moving average 100 line is below the moving average 50 line which shows a bullish signal for short term.
The relative strength index(14) value is 61.4 which gives a strong buying signal.
The MACD(12,26) value is 53.8 also gives a strong buying signal in weekly charts.
Moreover, according to ATR(14), the ETHUSD pair is less volatile.
If the Ethereum prices cross above $305- 308 level than a new level can be formed and the prices may reach to $320, $325 or $330 in the weekly time frame.
The Ethereum has major support near $280 level and resistance at $320 level.
ETHUSD Weekly Pivot Point
What do you think about the 02-08 October Ethereum Technical Analysis? Is $320 next target for ETHUSD by the end of this week? Let us know in the comment box below.