The price of Ethereum- or ETHUSD, has recently skyrocketed above $210 mark, breaking the $200 resistance against the US Dollar. Will the bearish sentiment continue for the pair in coming days? Here is the Ethereum Price Weekly Analysis.
14 September, AtoZ Markets – Ethereum or ETHUSD pair are trading nowadays above the $200 mark with a 24 hours trading volume of over $396 Million. Also, in the last Week, the price moved by Ƀ -0.003 (-7.85%) with a total volume of over Ƀ 370.89k .The highest price Ƀ 0.03479 ,was on Friday, 7th of September 2018 (7 days ago). The lowest price, Ƀ 0.02699 ,was on Wednesday, 12th September 2018 (2 days ago). Yesterday, the market cap of the crypto-market on Thursday increased by almost 6.8 percent after a bullish pull in the market. The Ethereum and Monero appeared to be the best of all the altcoins, with a surge over 17% in a single day. The Bitcoin rose comparatively lower (about 3%) as compared to other altcoins including Dash, Cardano, IOTA, Tron and Litecoin. Additionally, the ETHUSD hike added a new 12.7 billion.
A few reports additionally demonstrated that over $30 million worth of Ethereum was sold by ICOs in the course of the most recent week, a peak immaculate in two months. The other reason behind the ETH value drop can be the news that the SEC of the United States had suspended Bitcoin Tracker One and Ethereum Tracker One- two investment products offered by Coinshares Holdings. More cryptocurrency market updates included in today’s video analysis by the 7marketz group:
Ethereum Price Weekly Analysis
According to the technical charts, the pair are following a solid bullish trend and it could continue to surge higher towards the $250-260 levels. After breaking many resistance level such as $185, $195 and $200 the pair started a solid bullish trend. Also, it was noted that the price even settled above the $200 level, in addition to the weekly charts, where the 100 SMA is above the long term 200 SMA levels, the thing that signifies that the path of least resistance is to the upside. It is worth-mentioning in this context, that the bulls might support the ETHUSD pair in the mid-term time-frame.
According to Fibonacci retracement charts, the ETHUSD pair holds above the 38.2% fibo. retr. zone and traded above $219 levels, which implies that the traders are willing to buy. On the upside, if the trend continues and breaks above the 50% fibo. retr. zone, then a huge bullish running towards $240- $250 can be seen in the upcoming days.
- The relative strength index(14) value is 33.387 which signals “SELL” in weekly timeframe.
- The CCI(14) valued at -155.73 which again signify selling signal in 1W chart.
- The MACD(12,26) – selling signal in daily charts.
- Moreover, according to ATR(14), the BTCUSD pair is Less volatile.
ETHUSD Weekly Pivot Points
The Ethereum has significant weekly strong support near $160 level and resistance near $267 levels.