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Technical analysis

Forecast: Ethereum Price Might Climb Up $210 Levels

Amandeep Sonewane | Oct. 30, 2018
Forecast: Ethereum Price Might Climb Up $210 Levels

October- 25, 2018 | AtoZ Markets

The cryptocurrency market had experienced a major drop within the span of an hour yesterday, with Ethereum seeing a massive decline. At the time of press, the price of the coin was trading at a price of $197, with a market cap of $20.3 billion according to Bitfinex data. Ethereum was showing a dip of 3.45% in the last 24 hours, with a trading volume of $1.48 Billion.

ETHUSD Technical Analysis

On the daily charts, the trendlines of the ETHUSD pair are stretching from $285 to $202 (bearish trend) and $182.68 to $188.42 (bullish trend). There is still a gap between the immediate support and resistance levels, eliminating the possibility of a trend breakout.

On the other hand, the MACD made a slightly bullish crossover by the signal and is currently trending just above the line. This is an indication of a bullish rally for the ETHUSD pair, but does not depict any major uptrend till now.

Ethereum after trading in a range since the last few days, the price of the coin has started a downside move against the USD. The ETHUSD pair declined sharply after it failed to move past the $204 and $205 resistance levels. Also, the price of the coin broke the $201, $200 and $197 support levels to move into a bearish zone. There was even a close below the $197 support and the 100 hourly SMA.

According to Fibonacci retracement charts, the price moved below the 23.6% Fibonacci retracement level of the recent decline from the $203 high to $190 low. On the upside, there are many resistances near the $197 level, which acted as a support.

In addition to this, the pair also tested below the 50% Fibonacci retracement level of the recent decline from the $203 highs to $190 lows. Therefore, if the price of Ethereum continues to correct higher than it is likely to face a lot of buyers near the $197 zone. Above $197, the next resistance is near $202 and the 100 hourly SMA. If the pair successfully breaks the $202 handle than it might surge towards $210 levels in short-term duration.

In the short-term, the Ethereum price has witnessed a positive prediction. However, technical indicators under a longer scenario do not see much potential for the Ethereum coin and have predicted it to be slightly bearish, with the hint of a bearish movement.

Ethereum Pivot Points

Ethereum price is holding a strong weekly support at $204 and resistance near $207 levels.

Think we missed something? Let us know in the comments section 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 Markets.com, nor should they be attributed to AtoZMarkets.