ETH Fights For $380 Before Further Downside Action

[ad_1]

Ethereum had dropped 5% on the weekly. However, there is strong support built upon the $380 area. The last time ETH daily closed below $380 was 2.5 weeks ago.

Overall in August, ETH is mainly trading in the range between $380 – $400 and must break this range to dictate the next direction for the market. Earlier today, ETH saw a pump and dump towards $400 around the Fed’s statement regarding the inflation.

Key Support Levels: $382, $375, $364

Key Resistance Levels: $400, $408, $438

ethusd-aug27-daily
ETH/USD Daily Chart. Source: TradingView
ethusd-4hr-aug27
ETH/USD 4HR Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking on the following daily chart, there is strong support for ETH at the downside 1.272 Fib Extension at the $380 – $382 range. If the sellers break below, the next support lies at $375 (downside 1.414 Fib Extension), $370 (this week’s low), $364 (2019 High), and $340 (.5 Fib Retracement).

On the other side, the first major resistance lies at $400 (today’s high), $408, $438, and the 2020 high at $448.50.

Looking at the 4HR chart, Etheruem remains trapped within a descending pitchfork. Support lies at the pitchfork’s lower boundary, and the coin pushed higher today to re-test its upper border. Before reaching $400, Ethereum must break this pitchfork formation, or it will remain trapped within a falling pattern.

ETH/BTC – Another Attempt To Break A Descending Channel

Key Support Levels: 0.0337 BTC, 0.0329 BTC, 0.032 BTC.

Key Resistance Levels: 0.0347 BTC, 0.0361 BTC, 0.0371 BTC.

Against Bitcoin, Ethereum remains bound within the highlighted falling channel. The bulls have defended the support at 0.0337 BTC (March 2019 low) for the past week and are now attempting to push above this channel’s upper boundary.

A break above the channel might initiate a new bull run for Ethereum, along with breaking above the $400 resistance.

ethbtc-aug27
ETH/BTC 4HR Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

If the bulls can penetrate the upper boundary, the next resistance lies at 0.0347 BTC. Following this, resistance lies at 0.0361 BTC (March 2019 Highs) and then 0.0371 BTC (1.618 Fib Extension).

On the other side, the first level of support lies at 0.0337 BTC (March 2019 support). Below, further support is located at 0.0329 BTC (.382 Fib Retracement), 0.032 BTC, and 0.0314 BTC (.5 Fib Retracement).

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


[ad_2]

Source link Crypto Potato

Be the first to comment

Leave a Reply

Your email address will not be published.


*