The past week, Bitcoin and Ethereum were some of the cryptocurrencies that declined heavily below the $10,000 and $200 levels, respectively. And as Bitcoin is preparing to climb to $11,000, Ethereum could climb above $200 too, analysts predict.
The latest cryptocurrency news show that the ETH/USD pair even broke the $190 support line recently, settling well below the 100 simple moving average (4 hours). There was also a push below the $185 support level and the price traded as low as $174. As of recently, it also started an upside correction and managed to recover above the $180 levels.
Ethereum could climb above $200, mostly because of the break above the 23.6% Fib retracement level and the major decline from the $217 high to the $174 swing low. There are many resistances backing up this factor. The positioning on the upside is near the $192, $195 and $200 levels – and there is a crucial bearish trend line forming with resistance near $195 on the 4 hours chart of ETH/USD.
The most important resistance, as the coming altcoin news show, is near the $200 and $202 levels which acted as the previous supports. Therefore, any successful break above the $195 resistance plus a follow through above $200 is needed for a fresh increase. The next key resistance, according to analysts, is near the $207 level and the 100 simple moving average of 4 hours.
Conversely, if there is no upside break above $195 or $200, the price of ETH could resume its decline. However, analysts think that Ethereum could climb above $195 or $200 easily. The pessimistic side shows that if ETH breaks below $174, we can see a $162 price as well.
All of this shows that the Ethereum price is currently consolidating below its key resistances such as the $192, $195 and $200. In order to start a strong recovery and an upward move, the price of ETH must settle above $200 in the next few days.
The technical indicators on many best cryptocurrency news sites show the following:
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
The total cryptocurrency market cap right now is at $270 billion – a number that has been here for 2 or 3 days.
Tesla (TSLA) IS The Top Performing Asset In 2020, Surpassing BTC
Bitcoin On A Faint Note This Monday Towards $8K: Analysis
New Jump For BTC: $8,500 Is “Again On The Table” According To Analyst
“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion. It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too. At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
Bloomberg Analysts Expect Bitcoin’s Price To Spike Past $10,000
“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
Retail Crypto Sentiment Flips Bearish For 1st Time In 2020
Tim Draper Left Stocks For Bitcoin 6 Months Ago
Binance UK News Show Buying BTC Is Now Easier Than Before
CommerceBlock ICO Review: Should You Invest In It?
Where To Buy Monero XMR As A New Investor
Dash Partners With Simplex, Offering A Fiat On-Ramp To Its Users
BTC Price Bull Run May Last 1,000 Days, 2020 Is Best Average Year
Litecoin Prints Many Buying Signals Which Could Prove Bullish
This Coin Saw Major Growth But Has Strange Downside Potential
Ripple And Coinbase Are Among 10 Biggest Companies In 2020
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
- Ethereum News6 days ago
Enjin Goes Live On The Ethereum Mainnet: Report
- Bitcoin News6 days ago
Crazy Analysis Puts BTC At $400,000 By 2021 Based On One Pattern
- Vechain News5 days ago
VeChain Announces Schedule And Election Of New Members
- Bitcoin News5 days ago
Bitcoin Just Signaled “Sell” While Falling To $9,600 Levels
- Bitcoin News6 days ago
Where And How To Spend BTC In 2020: The Ultimate List
- Libra News5 days ago
EU Does Not Know What To Do With Facebook’s Libra Coin
- Binance Coin News5 days ago
Binance Coin Declines To $22 After Bouncing Back
- Altcoin News5 days ago
Buy Top Products From Taiwanese Brands With Gifto (GTO)