Ethereum price analysis: ETH/USD stops within a whisker of 50% Fibo support


  • Ethereum recovery capped at $184 resistance while $180 becomes the new pivotal level.
  • The 50% Fib level is the most important short-term support but both 100 SMA and the 61.8% Fibo are in line as support zones.

The sellers on the cryptocurrency market are still holding the buyers at hostage. In fact, if this situation continues a while longer, investors will start getting jitters. It is good to consider ETH has plunged from highs above $360 to test lows around $155. The recovery from the recent drop lacks a catalyst while at the same time support areas remain vulnerable.

The Ethereum 2.0 is still in development, although at the last stages. A tentative launch date had been mentioned to take place after this year’s Christmas holidays but delays have already been anticipated. Besides, an official late is yet to be picked. Ethereum 2.0 is meant to migrate the network to a proof-of-stake protocol from the current proof-of-work consensus algorithm. Faster transactions and higher capacity for decentralized applications are just but a few of the features expected.

Meanwhile, Ethereum is trending a subtle 0.09% lower on Wednesday. The prevailing trend is slightly bearish, although the 1-hour chart clearly shows a recovery from the main short-term support at the 50% Fib retracement level. The upside has been capped at $184 while $180 is the new pivotal. Also providing support is the 100 Simple Moving Average and the 61.8% Fib level.

Indicators are slightly especially with the Moving Average Convergence Divergence stuck in the negative zone. However, a visible upward correction towards the mean line will most likely encourage the bulls to believe in their own strength.

ETH/USD 1-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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD bounces back, will the bulls hit $10,500?

Bitcoin is trading between the Simple Moving Averages support and resistance. The 100 SMA on the four-hour chart is offering support at $10,149 while on the upside the 50 SMA will limit movement at $10,364.

More Bitcoin News

Ripple has no incentive to dump XRP price - Ripple’s CEO Brad Garlinghouse

Speaking in the interview with CNN, Garlinghouse confessed that Ripple was the largest owner of XRP tokens, and thus the most interested party in the success of the project. Meanwhile, selling XRP onto the market does not qualify as the best success strategy.

More Ripple News

The cryptocurrency market update: Bitcoin consolidates gains, altcoins go nowhere

The cryptocurrency market situation has barely changed in recent 24 hours. Bitcoin and the majority of altcoins out of top-20 managed to recover during late Thursday hours; however, no major breakthroughs happened.

More Cryptocurrencies News

IOTA price analysis: MIOTA/USD bullish after symmetrical triangle breakout

IOTA has defied the broad-based bear pressure to post a subtle 1.3% increase in value on the day. Prior to the impressive correction on Monday, IOTA was consolidating above the short-term support at $0.2350. The initial recovery from the recent low at $0.2268 failed to break the resistance $0.25.

More IOTA News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast

BTC

ETH

XRP