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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.

XRP/USD

0.64 Price
+0.640% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

US100

18,249.40 Price
-0.200% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 7.0

ETH/USD

3,528.59 Price
-0.870% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

69,894.65 Price
-1.140% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

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
3528.59 USD
-31.15 -0.870%

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