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    Ethereum price analysis: turning bullish above $400

    By Nathan Batchelor

    11:55, 15 September 2020

    Ethereum price analysis

    Ethereum is attempting to recover higher alongside the broader cryptocurrency market, after the second-largest cryptocurrency found strong support from the $310 level. 

    Ethereum price analysis shows that the cryptocurrency has an increasingly bullish bias while the price trades above $365.

    ETH/USD medium-term price trend

    The recovery in the ETH/USD pair has so far reached the $390 level, marking a 25 per cent recovery from the current monthly price low. 

    Ethereum technical analysis shows that continued price stabilisation above the $365 level should encourage medium-term bulls.

    The daily time frame shows that the $365 level is the neckline of a large inverted head and shoulders pattern, with substantial upside potential.

    According to technical analysis, the pattern is projecting a rally towards the $600 level over the medium-term.

    Key medium-term technical resistance above the $365 level is currently located at the $395, $415, and $445 levels.

    US100

    21,328.20 Price
    +0.240% 1D Chg, %
    Long position overnight fee -0.0234%
    Short position overnight fee 0.0012%
    Overnight fee time 22:00 (UTC)
    Spread 1.8

    XRP/USD

    2.20 Price
    -0.380% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.01099

    Gold

    2,617.01 Price
    -0.280% 1D Chg, %
    Long position overnight fee -0.0151%
    Short position overnight fee 0.0069%
    Overnight fee time 22:00 (UTC)
    Spread 0.30

    ETH/USD

    3,335.56 Price
    +1.560% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 1.75

    It should be noted that failure to close the daily candle above the neckline of the mentioned pattern could see the ETH/USD pair falling towards the $330 to $310 support area.

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    ETH/USD short-term price trend

    Ethereum technical analysis shows that the cryptocurrency has a short-term bearish bias while the price trades below the $400 resistance level.

    The one-hour time frame is highlighting that a bullish inverted head and shoulders pattern will form if the price reaches the $400 level.

    According to the size of the potential bullish price pattern, the ETH/USD pair could rally towards the $500 area in the short-term.

    Traders should be aware that bearish MACD price divergence is still visible on the lower time frames, and extends below $270.

    ETH/USD technical summary 

    Ethereum technical analysis shows that the ETH/USD pair will form a large bullish reversal pattern if the price reaches the $400 level.

    Markets in this article

    ETH/USD
    Ethereum / USD
    3335.56 USD
    51.02 +1.560%

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