Important support and resistance levels
ETH / USD
Support: 200, 193.5, and $ 185.
Resistance: 212, 225.3, $ 235.15.
ETH / BTC
Support: 0.021 BTC, 0.0202 BTC, 0.0198 BTC.
Resistance: 0.0218 BTC, 0.0223 BTC, 0.0232 BTC.
ETH / USD: Ethereum broke $ 200 for the first time since September 2019
ETH has broken through the previous resistance at $ 193.5 and continues to move higher to $ 212. The resistance here is created from the long term Fib down 0.886.
Ethereum continues to trade within the ascending channel when the resistance at the upper boundary is reached. The latest break above $ 200 is now bringing new unprecedented highs since September 2019.
Price is increasing strongly. A fall below the 200-day EMA at $ 175 will break this trend.
Price predictions Ethereum Short-term
If the buyer continues to push prices above $ 212, the higher resistance is at $ 225. Above this level, $ 235.15 will be the next hurdle (Fib extended 1,414), $ 240 (high in August 2019) and $ 246 (Fib extended 1.618).
On the other hand, if the seller pushes ETH lower, the first support is at $ 200 and the next is at $ 193, 185 and $ 180 (Fib drops 0.382). Additional support is then found at $ 175, which is above the 200-day EMA.
The RSI is still above 50 as the bulls continue to dominate the uptrend of the market. The index is still a bit too much, warning traders to be careful. However, the famous RSI indicator overbought for a long time is the market signal turning to parabolic.
ETH / BTC: ETH pPrice breaks down of 4-month downtrend line and rises above the 200-day EMA
Ethereum managed to rise above the 4-month descending trendline against Bitcoin when it broke the resistance at 0.0204 BTC. The price continues to rise and surpass the 200-day EMA at 0.021 BTC to reach higher resistance at 0.0218 BTC - where it is currently trading.
The market remains solid, especially after breaking above the 6-week uptrend line. To reverse this uptrend, ETH will need to drop below the support at the 100-day EMA.
Ethereum Outperform Bitcoin and XRP
According to Tradingview.com, Ethereum traded for $ 207 a few hours ago, which is the highest price in nearly 19 weeks. Over the past 24 hours, ETH earned almost 9% when the bulls gathered strength.
ETH price chart of 1 hour | Source: Tradingview.com
Since the beginning of the year, Ethereum has achieved a whopping 58%, surpassing Bitcoin and XRP with a clear difference over the same period.
There have been huge gains in the DeFi market, primarily on Ethereum and attractive interest rates are attracting more investors into this nascent financial ecosystem.
The move was also noticed by Galaxy Digital's Michael Novogratz when he claimed the higher price was causing him to raise prices.
Crytpo is bid. Period. Hearing more and more inquiry. Always dangerous but higher prices are making me more bullish. $ eth over 200 for a couple of days will open a bigger move. $ btc has 10k looming. Once that goes we are off to the races.
- Michael Novogratz (@novogratz) February 6, 2020
“Crytpo is in phase growth. Always dangerous but higher prices are making me raise prices. ETH over 200 dollars in a few days will open a bigger step. BTC 10k is very likely ”.
These are important prices, once converted into support, they will act as a springboard to make greater profits. This is especially useful for Ethereum as it is still down 86% from its all-time high.
Therefore, the ETH price can be considered more attractive with the potential to make more money than Bitcoin with a 52% recovery from its peak.
Novogratz went on to add that Bitcoin is a powerful weapon in the macro portfolio with the role of digital gold - a hard asset.
“ETH can Hold the belief that people build. If yes, that is a great bet”.
There is plenty of motivation for ETH at the moment, probably due to the low price.
If the ratio on ETH / BTC corrected to the prior all-time levels, ETH should be worth around $ 1800 today.
With ETH breaking up downward channel, created only a matter of time (in my opinion) before the ratio makes ETH extremely attractive to those beyond holders of last resort.
- Omar Bham (Crypt0) (@ crypt0snews) February 5, 2020
“If the ETH / BTC ratio is adjusted to an all-time high, the ETH will be worth around 1800 dollars today.
With ETH breaking the channel downward, it's only a matter of time (in my opinion) before this ratio makes ETH extremely attractive to holder waiting for the opportunity ”.
Ethereum will have an extremely active 12 months in 2020 with Phase 0 launch of stake boosting confidence in the ecosystem and strong growth in DeFi markets. All have increased the demand for ETH.
Altcoin keep moving forward
Bitcoin's dominance rate is gradually decreasing and is currently at its lowest level since July last year, at just over 65%.
This is also an important indicator reflecting the status of the altcoin market, especially currencies with high capitalization and high liquidity like ETH.
Overall, market capitalization has earned $ 13 billion over the past 24 hours and altcoin is the driving force at the moment.
Current ETH price | Source: Coinmarketcap
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Minh Anh
According to AZCoin News
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