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    Ethereum price analysis: recovery possible above $350

    By Nathan Batchelor

    19:07, 29 September 2020

    Ethereum price

    Ethereum staged a solid rebound last week, after the second-largest cryptocurrency by market found meaningful technical support from just above the $310 level.

    Ethereum price analysis shows that further bullish advancement is possible while the price trades above the $350.

    ETH/USD medium-term price trend

    The technicals surrounding Ethereum are starting to improve, as selling interest below the $300 level appears weak. 

    Ethereum technical analysis shows that a bullish breakout from a falling wedge pattern has recently occured. The daily time frame shows that the bullish breakout remains valid while the price trades above $350.

    According to the size of the wedge pattern, the ETH/USD pair could rally towards $450 over the medium-term.

    US100

    21,143.90 Price
    +0.160% 1D Chg, %
    Long position overnight fee -0.0248%
    Short position overnight fee 0.0026%
    Overnight fee time 22:00 (UTC)
    Spread 1.8

    Gold

    2,684.48 Price
    -0.830% 1D Chg, %
    Long position overnight fee -0.0170%
    Short position overnight fee 0.0088%
    Overnight fee time 22:00 (UTC)
    Spread 0.30

    BTC/USD

    77,025.00 Price
    +1.420% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 106.00

    Oil - Crude

    70.25 Price
    -2.480% 1D Chg, %
    Long position overnight fee 0.0060%
    Short position overnight fee -0.0279%
    Overnight fee time 22:00 (UTC)
    Spread 0.030

    Long-term analysis highlights that the neckline of a large inverted head-and-shoulders pattern is located around the $365 level. Traders should be aware that this bullish pattern is projecting a rally towards $600.

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    ETH/USD short-term price trend

    Ethereum technical analysis shows that the cryptocurrency has a short-term bullish bias while the price trades below $350. The four-hour time frame is showing that a bullish higher low has formed, after bears failed to break the $300 level last week.

    Technical analysis also shows that a bullish inverted head-and-shoulders pattern has formed, following the recent bounce from just above the $310 level. According to the size of the pattern, the ETH/USD pair could rally towards $390 over the short term.

    ETH/USD technical summary 

    Ethereum technical analysis shows that the ETH/USD pair could stage a rally towards $390 in the short term, and the $450 level over the medium term.

    Markets in this article

    ETH/USD
    Ethereum / USD
    2963.72 USD
    74.24 +2.570%

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