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Bitcoin turned the screw on $ 5,300 today and recorded a new record of 2019 at $ 5,352 on Coinbase. The ETH-USD pair has followed suit and the high altcoin now seems ready to try $ 200.
Ethereum Price Analysis: Market Analysis
Earlier in the week, Ethereum price 00 went through the resistance at $ 155 and the altcoin tackled the resistance level at $ 165 this weekend. Once above $ 165, the ETH literally exploded. The altcoin is now trading at $ 185. The next levels to go are $ 200 and $ 225.
Investor sentiment towards Ethereum has also been boosted and several analysts have suggested that the ETH-USD couple is becoming increasingly bullish and many have called for a $ 190 to $ 200 race.
Ethereum Classic (ETC) 00 The general theory of a rising tide raising all ships could also help raise the price of ETHs as the global cryptocurrency market benefits from Bitcoin's recent reversal of the trend.
ETH-USD Shorts
ETH-USD Longs
ETH-USD shorts continue to plummet to new historic lows and ETH-USD's long positions hit a new record. The ETH-BTC coupling has also finally turned upward and the 12 EMAs have recently surpassed the 26 EMAs as the ETH exploded above the Bollinger Band indicator arm.
ETH-BTC Chart
Graph in 1 hour
At the time of writing this report, ETH appears to be in the process of temporarily adjusting the Fib retracement level to 78.6% at $ 180 (26 AMS) and $ 174.66 (61.8%). The price of the Ethereum remains in order as long as it stays above the upward trend line at $ 170, which also corresponds to the 50% retracement of the Fib.
4 hour chart
Currently, the 4-hour MACD, Stoch and RSI are all bullish and ETH 00 also broken above the bearish trend line on the RSI. The hourly chart shows that the ETH is cooling off after an impressive run and a quick glance at the Coinbase backlog. Kraken shows a strong buying interest at $ 180.
How long do you think the ETH will reach $ 200? Share your opinion in the comments below.
Trade Bitcoins (BTC), Litecoins (LTC) and other encrypted currencies on the online trading platform Bitcoin forex evolve.markets.
[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex and Coinbase.]
Images courtesy of Shutterstock, TradingView. Market data from Bitfinex and Coinbase
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