Ethereum Price (ETH) Approaching Next Break While Bitcoin Is Correcting

ETH price started a downside correction after testing the $202 resistance area against the US Dollar.
The price is currently trading below $198 and is trading near the $194 support area.
This week’s followed key bullish trend line with support near $194 is active on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely approaching the next break either above $200 or below $192 in the near term.

Bitcoin Grows in Periods of Low Equity Market Volatility: Report
Thursday September 19, 2019

Bitcoin exhibits no correlation with traditional asset classes. But it is gradually developing a relationship with the volatility derived from the US equity market, according to Kevin Kelly of New York-based analytics firm Delphi...

The post Bitcoin Grows in Periods of Low Equity Market Volatility: Report appeared first on 12bitplay - Bitcoin Play.

Ethereum price is setting up for the next key break versus the US Dollar, while bitcoin is correcting gains. ETH price could decline heavily if it breaks the $190 support.
Ethereum Price Analysis
Yesterday, we saw a nice upward move above the $195 and $200 resistances in ETH price against the US Dollar. Bitcoin price also climbed positively towards the $11,000 level before correcting lower. On the other hand, ripple price struggled to continue above the $0.2920 resistance and declined below the $0.2840 support area. Overall, the crypto market climbed higher, but faced a strong resistance.
Ethereum price topped near the $204 level and cleared failed to gain strength above the $202 resistance level. As a result, there was a downside correction below the $200 level. Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $184 low to $204 swing high. The price is now trading below the $195 level and the 100 hourly simple moving average.
However, the $194 area is currently acting as a support. Additionally, the 50% Fib retracement level of the upward move from the $184 low to $204 swing high is also providing solid support. More importantly, this week’s followed key bullish trend line with support near $194 is active on the hourly chart of ETH/USD. If there is a downside break below the trend line, the price could decline towards the $190 support area.
On the upside, there is a key resistance forming near $198 and $200. Once there is a proper break above $200, there are chances of upside continuation above the $202 resistance area. The next major hurdle for the bulls on the upside is near the $215 level.

Bitcoin Grows in Periods of Low Equity Market Volatility: Report
Thursday September 19, 2019

Bitcoin exhibits no correlation with traditional asset classes. But it is gradually developing a relationship with the volatility derived from the US equity market, according to Kevin Kelly of New York-based analytics firm Delphi...

The post Bitcoin Grows in Periods of Low Equity Market Volatility: Report appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, Ethereum price is likely approaching the next break either above $200 or below $192 in the near term. If the price continues to struggle near the $200 and $202 resistance levels, there are chances of a strong downward move in the coming sessions.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining strength in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $190
Major Resistance Level – $202
The post Ethereum Price (ETH) Approaching Next Break While Bitcoin Is Correcting appeared first on NewsBTC.

Crypto Tidbits: Bakkt Bitcoin Futures Inbound, NASA Hints at Blockchain Ambitions, Libra in Hot Water
Saturday September 21, 2019

Another week, another of Crypto Tidbits. While Bitcoin (BTC) effectively ended the week where it started in terms of price, the underlying market saw a flurry of developments that may only have positive effects on...

The post Crypto Tidbits: Bakkt Bitcoin Futures Inbound, NASA Hints at Blockchain Ambitions, Libra in Hot Water appeared first on 12bitplay - Bitcoin Play.

You may also like...