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Amandeep Sonewane

8 October 2018

Cryptocurrency Technical analysis

ETHUSD Forecast: Ethereum Price to Break $235 Resistance

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Ethereum price is tightly holding the $220 strong support levels since the past few days, and the bulls are getting ready to break the $235 resistance in upcoming days. Here is the Ethereum price forecast for the short-term time-frame. 

08 October 2018- Ethereum Price is trading near the $225 mark with a 24-hours trading volume of $60 Million. The coin presently has a total market cap of $22 Billion. The price of the coin dropped by $ 6.67 (-2.89%) with a total volume of over $ 572.52 M. Also, the pair reached the highest price of $ 232.27 which was on Monday, 01 October 2018.

Ethereum was facing mining empty blocks from the past few weeks. The number of mined empty blocks has been increasing on the Ether blockchain at a steep rate – a 637% increase since the month of September.

There has also been a rise in empty block produced by the Bitmain's controlled Antpool bitcoin mining pool. Twelve empty blocks were produced by Antpool on 5th October, and this is happening on a regular basis. Also, mining Ethereum using the GPUs is getting costlier for the small miners as the electricity and maintenance charge of the machine comes out to be much higher than earlier. Most of the private miners quit mining Ethereum coin as the hash rate increased and the Ether price dropped significantly.

Moreover, the initial planned release date for Ethereum Constantinople Hard Fork was set on 8th October. Yet, developers decided to postpone the possible split of the network in order to give users time to prepare for changes.

ETHUSD Forecast: Will Ethereum Price to Show Bullish Turn Above $235 Resistance

According to the technical charts, there was a solid support base formed near the 220 zone in Ether price against the USD. The price of the Ethereum started an bullish move and settled above the $222- $224 levels. There was also a break above the 23.6% Fibo. retr. zone of the recent decline from the $232 high to $220 low. Moreover, the price traded above the $224 level and settled above the 100 hourly SMA.

However, the upside move was capped by the $228 resistance zone. Also, the 50% Fibo. retr. level of the recent decline from the $230 highs to $220 lows is also acting as a resistance. If buyers push the price above the trend line and $228, there could be more gains above that point. A sudden spike towards the next level i.e. $235- $240 could be seen if the bulls gain traction above the weekly resistance.

Also, as per the SMA charts, the 100 SMA line is above the long-term 200 SMA line, which means that the path of least resistance is to the upside. Thus, the price of Ethereum might make a bullish move towards $235 -$240 in the short-term time-frame.

Ethereum Weekly Pivot Points

Ethereum has a significant strong support near $215 and resistance near $235 levels.

Do you think Ethereum Price will break the $235 key resistance in upcoming days? Let us know in the comment section below.

ETH Ethereum Ethereum Technical Analysis ETH/USD
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarkets.com, nor should they be attributed to AtoZMarkets.

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