I recently analyzed this pair in an earlier analysis. Now the dynamics of the trade have changed I am eager to show the current forecast for the pair.
At current, price is trading at 927, price broke out after supporting on the 20 and 50 moving average, suggesting that the bullish presence we are now seeing is legitimate. Even further that this happened on a higher low.
When analyzing the chart again, I discovered a nice side-wards support line which today is at the value of 875. I suspect that ETH/USD will likely retest this side-wards support level before an up move. If price breaks below this level, there could be a retest of the lower horizontal support at 550 in the longer term before the upside. I hope we do not see the second scenario.
Price will now likely test the side-wards resistance as a new support, but this isn't a deal breaker either way. Coupled with the fact that a retest would again coincide with the moving averages, this could provide a compelling support where once again the big money would be looking to speculate and accumulate.
Bare in mind, if it comes into the lower horizontal support at 550, I doubt there would be much bull presence after.
Also bare in mind that Ethereum is one of the most efficient safe haven currencies. So if you have a low amount of cash, Ethereum 1.54% is your best bet for safety and simultaneous profitability.
I will update this analysis when I receive above 40 likes.
I think ETH is taking support of 4hr 50EMA as you posted this lol. I was annoyed that ETH did not keep pace with BTC in the last couple of days but hopefully it means it has a big bull run in store.
good post as usual.
D4rkEnergY
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Thx Tom. D4rkEnergY always appreciate your analysis. D4 has made a chart where he explains why its so hard for ETHERIUM to reach 1,000 USD
siwe7
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where's the update?
CryptoManiac101
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I agree, but $700 fall range seems more plausible due to firm support in that area
Doc-al-Citadel
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Also bear in mind that Ethereum 3.22% is one of the most efficient safe haven currencies. So if you have a low amount of cash, Ethereum is your best bet for safety and simultaneous profitability.
TRUE
imho
Jbos865
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I think that the chart development is more realistic and stable than what we see in BTC. We saw a similar movement on 600 to 700.
Also remember how long it took the first time to move above 1k. I think that patience is the key here.
When looking in the sell amounts and reviewing the order books the one thing I notice is that when ever ETH is showing a strong interest in the upper level - but still has large orders on the buy side huge sell walls appear (like over 1000 ETH in one order) which always push the price down.
For me this shows strength on the longterm, but that's just my opinion.
drewosweeney1978
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so if it drops to 875 or below it may fall along way,or it could climb any time frame on this, thanks for your analysis
good post as usual.