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02-08 October Ethereum Technical Analysis: Is $320 next target for ETHUSD?

Amandeep Sonewane | Oct. 2, 2017
02-08 October Ethereum Technical Analysis: Is $320 next target for ETHUSD?

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 October, AtoZForex – Today, the Ethereum is trading at $302.30 up 0.79% with a 24-hour change of $2.38. The Ethereum price is slowly moving against the USD but declining if compared with the Bitcoin. The 24 hour high and low is $304.41 and $295.53 respectively. What should be the next target for ETHUSD pair for this week?

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,, 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.

ETHUSD Chart (click to view)

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

NameS3S2S1Pivot PointsR1R2R3

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. 

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ, nor should they be attributed to AtoZMarkets.