On August 15, 2019, the Ethereum price reached a low of $174. An upward move followed, culminating with a high of $204 on August 20. The ETH price again decreased and reached a low of $180 the next day. It has been increasing since.
Will the Ethereum price reach $200? Continue reading if you want to find out.
For our previous analysis, click here.
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Ethereum Price: Trends and Highlights for August 26
- ETH/USD is following an ascending support line
- There is resistance at $202.
- There is support at $180.
- The daily RSI has generated bullish divergence.
- The 20- and 40-hour moving averages have made a bullish cross.
Current ETH Price Movement
A look at the hourly time-frame shows that Ethereum has been following an ascending support line since August 15.
Additionally, we can see one support and one resistance area.
The support area is found at $180, while the resistance at $202.
If the Ethereum price were to reach the resistance area again, it would likely create an ascending triangle.
Let’s take a look at a different time-frame in order to decide if ETH is likely to do that.
Sponsored SponsoredLong-Term Support
A look at the daily time-frame reiterates the significance of the $180 support area.
The area previously served as resistance, out of which the ETH price broke out in the middle of May.
Additionally, a look at the RSI shows signs of strength.
It has been generating bullish divergence since August 14.
Finally, candlesticks that have reached values lower than 185 have been characterized with long lower wicks — indicating that there is buying pressure around that area.
SponsoredThe combination of these factors makes us believe that ETH will soon begin an upward move.
Future Movement
In order to determine when the upward move will begin, we will incorporate moving averages (MA) into the analysis.
At the time of writing, the 10- and 20-period MAs were very close to making a bullish cross.
The ETH price is likely to use them as support going on.
However, for the past five days, the price has not experienced significant fluctuation — only moving in a range of roughly eight percent.
Therefore, while we believe the ETH price will reach the resistance area, it might take some time to get there.
It is likely to continue increasing at the rate predicted by the ascending support line.
Ethereum Price Summary
The Ethereum price has been following an ascending support line.
Sponsored SponsoredAccording to our analysis, it is likely to increase at the rate predicted by the line until it reaches the resistance area.
For trading purposes, we believe that the ETH price is a buy for short and medium-term time-frames.
Do you think Ethereum will reach the resistance area? Let us know in the comments below.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images are courtesy of Shutterstock, TradingView.
