Ethereum Breaks Recent Downtrend Resistance Line as Buyers Step Up

Ethereums price action has been closely tracking that of Bitcoin over the past several days, and ETH has been able to post a strong recovery from its recent drop to below $185.

Analysts are now noting that Ethereums ability to break above the key resistance level of $200 may be emblematic of a shifting short-term trend, which may mean that it will be able to continue climbing higher in the coming days and weeks.

Ethereum Reclaims Position Above $200 After Finding Strong Support at $185

At the time of writing, Ethereum is trading up over 2% at its current price of $200.85, which marks a significant increase from its recent lows of $180 that were set at the time when Bitcoin faced a sharp sell-off that sent it reeling to lows of $9,500.

After tapping $180 last Wednesday, however, ETH was able to swiftly recover to $185, which persisted as a strong level of support until yesterday, which is when the crypto began incurring some upwards momentum that has led it towards its current price levels.

Todays upwards momentum came about as the aggregated crypto market posted a strong recovery, with Bitcoin climbing towards the upper-$10,000 region while many other cryptos were able to climb 2-3%.

Another bullish piece of news that may have helped ETH climb today is that Japanese e-commerce giant Rakuten is launching a cryptocurrency exchange that supports Bitcoin, Ethereum, and Bitcoin Cash.

BREAKING: Rakuten publicly launches crypto exchange; currently supports BTC, ETH and BCH, Mia Tam noted in a recent tweet.

Will ETH Continue Climbing Higher in Week Ahead?

Ethereums ability to surge to $200 today may be emblematic of improving technical conditions for the cryptocurrency, as Jacob Canfield a popular crypto analyst on Twitter explained in a recent tweet that it marked an upwards break of a downwards trend line on a short time frame.

A lot of people are asking me about ETHBTC. #ETH / #Ethereum / $ETH Daily Broke downtrend resistance yesterday. Hasnt made a higher high. Below. Key S/R level at .025 that needs to be reclaimed. Weekly Very narrow range back to 2016 levels that needs to hold, he explained while referring to the below charts.

Although in the short-term it does seem as though ETH may incur some further bullishness, it is important to note that its mid and long-term price action does appear to remain somewhat bearish, and a failure to follow through and extend todays upwards momentum could lead to further losses.


Featured image from Shutterstock.

The post Ethereum Breaks Recent Downtrend Resistance Line as Buyers Step Up appeared first on NewsBTC.

19.08.2019 / 16:30 22
Bitcoin Faces Strong Resistance at $12,000 as Technical Strength Builds Bitcoin Faces Strong Resistance at
Bitcoin (BTC) has been facing a significant amount of buying pressure as of late that has allowed it to surge from lows of $9,100 to highs of
Bitcoin Price (BTC) Breaks Key Support: $8,800 Bearish Target Could Be Real Bitcoin Price (BTC) Breaks Key Support:
Bitcoin price extended its declined and broke the key $10,800 support level against the US Dollar. The price even broke the last swing low and a
Ethereum: Despite Recent Bearishness, ETH Still Has Incredibly Strong Fundamentals Ethereum: Despite Recent Bearishness,
The aggregated crypto markets have been incurring significant amounts of downwards pressure over the past couple of days as a result of Bitcoins
Ethereum (ETH) Price Breaks $170, Bulls Now Target $200 or Higher Ethereum (ETH) Price Breaks $170, Bulls
ETH price started a strong rally above the $150 and $160 resistance levels against the US Dollar. The price rallied recently and even climbed above
Bitcoin Struggles to Break Above $4,000, Analysts Claim BTC Likely to Drop Before Climbing Higher Bitcoin Struggles to Break Above
Following several consecutive days of price gains, Bitcoins recent price rally has stalled as BTC failed to decisively move above $4,000. Its no
Ethereum Price Analysis: ETH Remains In Strong Uptrend Ethereum Price Analysis: ETH Remains In
ETH price is slowly moving higher and it remains well supported near $119 against the US Dollar. There is a major bullish trend line formed with
Comments (0)
Add a comment
Comment on