Ethereum market update: ETH/USD leads the altcoin park in breaking away from Bitcoin


  • Ethereum price defends $180 support for an incredible move towards $200.
  • Technical levels are their prime for another majestic move that could clear $200 level resistance.

Ethereum price action over the weekend came as both a surprise and a welcomed move. Last week we discussed that investors were likely to start getting worried if Ethereum failed to correct the downtrend as soon as possible. The good news is that the largest altcoin seems to be breaking away from Bitcoin after breaking the downtrend with formidable gains above $180.

The rest of the altcoins have followed swiftly. Bitcoin Cash managed to secure $300 and advance towards $310 while Litecoin is up 1.7% after securing $70 as the main support. Other altcoins performing relatively well on Monday are NEO, IOTA, and Dash.

Ethereum, on the other hand, is trading above the hourly simple moving averages. Both the 50 SMA and the 100 SMA are playing catch up to the price currently testing $195 resistance. Following the impressive 2.55% rise in value during the Asian trading hours, Ether is holding ground at $194.31.

The moving average convergence divergence (MACD) divergence suggests that Ethereum is in a bullish range. Therefore, upward movements are not over yet and $200 is within reach. Moreover, the gap between the 50 SMA and the 100 SMA continues to expand signaling a healthy bullish momentum. The former strong resistance areas at $190 and $180 will from now function as key support areas.

ETH/USD one-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin and gold correlation hits record high as billions wiped off in fresh crypto selloffs

BTC/USD is exploring levels closer to $11,000 following a consistent downtrend from highs traded on Monday at $12,084. An intraday low has been traded at $11,223 but BTC/USD is exchanging hands at $11,289.

More Bitcoin News

XRP/USD keeps trending in downward channel formation as price drops below $0.27

XRP/USD bears stayed in control of the market for the second straight day as the price continued trending in a downward channel formation. So far this Wednesday, the price has dropped from $0.2828 $0.2788.

More Ripple News

Ethereum Price Forecast: ETH/USD downtrend holds as $350 calls profusely

Ethereum has continued to explore the downside since the rejection from the new yearly high at $415 on August 2. The immediate reversal tested support at $325. However, Ether recovered in a reflex motion settling shortly ...

More Ethereum Classic News

BCH/USD consistent lower high pattern could refresh $260 support

Bitcoin Cash has continued to record lower highs following the rejection the bulls suffered at the beginning of August, close to $340. A descending trendline has remained intact for the second week in a row as well. 

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

Read the weekly forecast

BTC

ETH

XRP