ETH/USD had started an uptrend move creating higher highs with higher lows on Sep 15, reaches all time high since Aug 19, towards level of 214.5.
On Sep 17, ETH/USD corrected lower carving out a higher low at 202.5, before rallying up to form higher high at 223.8 on Sep 19. The cryptocurrency had looked to support at level of 214.5 9 (previous resistance now turned support).
Hence, a breakout of Sep 19 high could send the price towards 232.
On the other hand, if the support level of 214.5 fails, this may potentially bring down the cryptocurrency to level of 202.5 (the previous formed support). If that happens, I would like to see the price consolidate at this level, indicating that Bulls are determine to bring the price higher.
If the Bears reemerge and look to drive price lower, the price may potentially decline to level of 184.5, which is also the previous resistance-turned support-level on the daily chart on Aug 16.
Overview
Maintain Bullish as the price is above the 200 MA and RSI indication is on uptrend.
Best Regards & Good trading!
Leo_X
On Sep 17, ETH/USD corrected lower carving out a higher low at 202.5, before rallying up to form higher high at 223.8 on Sep 19. The cryptocurrency had looked to support at level of 214.5 9 (previous resistance now turned support).
Hence, a breakout of Sep 19 high could send the price towards 232.
On the other hand, if the support level of 214.5 fails, this may potentially bring down the cryptocurrency to level of 202.5 (the previous formed support). If that happens, I would like to see the price consolidate at this level, indicating that Bulls are determine to bring the price higher.
If the Bears reemerge and look to drive price lower, the price may potentially decline to level of 184.5, which is also the previous resistance-turned support-level on the daily chart on Aug 16.
Overview
Maintain Bullish as the price is above the 200 MA and RSI indication is on uptrend.
Best Regards & Good trading!
Leo_X