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    Ethereum price analysis: critical support broken

    By Nathan Batchelor

    11:03, 22 September 2020

    Ethereum price analysis

    Ethereum has broken below critical technical support, as the second-largest cryptocurrency by market cap follows Bitcoin lower. 

    Ethereum price analysis shows that the cryptocurrency needs to move above $395 to secure further technical buying interest.

    ETH/USD medium-term price trend

    The upside in Ethereum has remained muted over recent days, as Bitcoin comes under pressure alongside other top altcoins. 

    Ethereum technical analysis shows that bulls continue to close the weekly candle above critical support.

    The ETH/USD pair has managed to secure multiple daily weekly closes above the neckline of a large inverted head-and-shoulders pattern, keeping the medium-term bullish breakout intact.

    According to the analysis, bulls now need to close the daily candle above $395 to encourage the next round of technical buying.

    Medium-term analysis highlights that the bullish reversal pattern is projecting an eventual rally towards the $600 area.

    ETH/USD

    3,301.61 Price
    +0.110% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 1.75

    Gold

    2,628.87 Price
    +0.140% 1D Chg, %
    Long position overnight fee -0.0151%
    Short position overnight fee 0.0069%
    Overnight fee time 22:00 (UTC)
    Spread 0.30

    XRP/USD

    2.19 Price
    -1.630% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.01092

    BTC/USD

    95,400.05 Price
    -0.090% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 50.00

    The ETH/USD pair may need a catalyst to prompt a reversal from current levels, such as a major rally in the BTC/USD pair, or a new round of dollar weakness.

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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 $365 level.

    The four-hour time frame is showing that the ETH/USD pair has fallen below a rising price channel, which is located between the $365 and $415 levels.

    Technical analysis suggests that the ETH/USD pair may soon test towards the $300 price zone.

    Bearish MACD price divergence is also present on the lower time frames, and extends towards the $275 and $230 levels.

    ETH/USD technical summary 

    Ethereum technical analysis shows that the ETH/USD pair has fallen below key support, placing the cryptocurrency in a vulnerable position.

    Markets in this article

    ETH/USD
    Ethereum / USD
    3301.61 USD
    3.74 +0.110%

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