Trend: Bullish
Key support levels: 363, 312, 300
Key resistance levels: 400
Price Action: The cryptocurrency market is alive once again, as many major coins are starting to look extremely bullish. This also applies to the Ethereum, which is a top 2 cryptocurrency based on the total market capitalization.
As price clearly producing higher highs and higher lows, the trend can be classified as bullish. Since the beginning of September, ETH/USD has been moving down, which was a correctional move. This is because the price remains above the 200 Simple and Exponential Moving Average and at the bottom of the correction rejected the support trendline.
The supply/demand zone has been established near the 363 level, which today got penetrated. This could have been the confirmation of a strong bullish momentum, which at this point is likely to continue. However, a correctional movement down towards the 363 can also be expected, which will definitely be watched by the buyers.
But overall, the trend is extremely bullish and there might not be any pullback. As long as Ethereum price remains above the recently printed low at 313, it is expected to continue trending up. The key resistance and potential final upside target could be at 369, which is at 88.6% Fibonacci retracement level. This retracement level is very common in stocks, as well as the cryptocurrency market. To confirm a long term uptrend, ETH must break above the 470 resistance area with confidence. Perhaps only then a stronger growth potential will be presented.
Key support levels: 363, 312, 300
Key resistance levels: 400
Price Action: The cryptocurrency market is alive once again, as many major coins are starting to look extremely bullish. This also applies to the Ethereum, which is a top 2 cryptocurrency based on the total market capitalization.
As price clearly producing higher highs and higher lows, the trend can be classified as bullish. Since the beginning of September, ETH/USD has been moving down, which was a correctional move. This is because the price remains above the 200 Simple and Exponential Moving Average and at the bottom of the correction rejected the support trendline.
The supply/demand zone has been established near the 363 level, which today got penetrated. This could have been the confirmation of a strong bullish momentum, which at this point is likely to continue. However, a correctional movement down towards the 363 can also be expected, which will definitely be watched by the buyers.
But overall, the trend is extremely bullish and there might not be any pullback. As long as Ethereum price remains above the recently printed low at 313, it is expected to continue trending up. The key resistance and potential final upside target could be at 369, which is at 88.6% Fibonacci retracement level. This retracement level is very common in stocks, as well as the cryptocurrency market. To confirm a long term uptrend, ETH must break above the 470 resistance area with confidence. Perhaps only then a stronger growth potential will be presented.