Ethereum Price Weekly Forecast: ETH Eyes Fresh Increase Above $340

ETH price completed a downside correction near the key $275 support area against the US Dollar.
Bitcoin price is back above the $12,000 level and is signaling a strong bullish momentum.
There is a key ascending channel in place with support near $310 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher and it could even surpass the main $340 resistance area.

Ripple Price (XRP) Rebounding Nicely As Bitcoin Holding Above $10.2K
Monday August 19, 2019

Ripple price is currently trading with a positive bias above $0.2750 against the US dollar. Bitcoin price climbed above the $10,200 and $10,300 resistance levels to start a decent recovery. There is a key...

The post Ripple Price (XRP) Rebounding Nicely As Bitcoin Holding Above $10.2K appeared first on 12bitplay - Bitcoin Play.

Ethereum price is slowly moving back in a positive zone against the US Dollar, similar to bitcoin. ETH is likely to accelerate once it clears the $330 and $340 resistance levels.
Ethereum Price Weekly Analysis
This past week, Ethereum price started a major downside correction from the $363 high against the US Dollar. The ETH/USD pair traded below a couple of important supports near the $340 and $320 levels. The price even declined below the $300 support and tested the main $275 support area. A swing low was formed near $274 and the price recently started a fresh increase. It is now trading above the $300 level and the 100 simple moving average (4-hours).
Moreover, there was a break above the 23.6% Fib retracement level of the recent drop from the $363 high to $274 low. The current price action is positive and the price is now trading nicely above $310. Additionally, there is a key ascending channel in place with support near $310 on the 4-hours chart of ETH/USD. At the moment, the price is just above the 50% Fib retracement level of the recent drop from the $363 high to $274 low.
If there is an upside break above the $330 resistance, the price could accelerate higher. The next important resistance is near the 340 level. Moreover, the 76.4% Fib retracement level of the recent drop from the $363 high to $274 low is also near $342. Once there is a break above $340 and $342, the price could accelerate towards the $363 high or even $375.
On the downside, there is a strong support forming near the $310 level. If there is a downside break below the channel support, the price might decline towards the $300 support.

Bitcoin Rises Minutes After China Announces Additional Tariffs on US
Friday August 23, 2019

Bitcoin began an impressive price surge minutes after China announced that it would slap additional tariffs on US goods. Beijing said late Friday that it would increase taxes on $70 billion worth of US...

The post Bitcoin Rises Minutes After China Announces Additional Tariffs on US appeared first on 12bitplay - Bitcoin Play.

The above chart indicates that Ethereum price likely completed a downside correction and is currently moving higher. If there is a successful break above $330 and $340, there could be strong gains in the coming sessions.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is slowly moving back in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently well above the 750 level, with a positive momentum and angle.
Major Support Level – $310
Major Resistance Level – $340
The post Ethereum Price Weekly Forecast: ETH Eyes Fresh Increase Above $340 appeared first on NewsBTC.

Crypto Community Unites On Paid Group Reviews to Rid Market of Scams
Thursday August 22, 2019

One of the biggest criticisms over the crypto market is due to its wild west environment where anything goes. It’s allowed for the sale of unregistered securities, scams, and much more. While regulators sit...

The post Crypto Community Unites On Paid Group Reviews to Rid Market of Scams appeared first on 12bitplay - Bitcoin Play.

You may also like...