The price of Ethereum has been pretty stable over the past week, increasing by 1% to $187.57. It found support at a long-term rising trend line and has remained above it since mid-August. If the bulls can hold this support, we may see a rebound.
Ethereum remains the second-largest cryptocurrency by market value, with a market cap of $20.17 billion.
Looking at the ETH/USD 1-day chart:
- Since our previous ETH/USD analysis, ETH has continued to trade along the contour of the rising support line dating back to February.
- From above: The nearest levels of resistance lie at $193 and $202. Higher resistance lies at $217 and $220, which contain the 100- and 200-day EMA and will therefore require significant momentum to overcome. Beyond $220, resistance lies at $225, $240 and $250.
- From below: If the price breaks beneath the rising support line, immediate support lies at $176 (downside 1.272 Fib extension), $171, and $165 (downside 1.414 Fib extension). Beneath $165 lies support at $160 and $150.
- The trading volume is starting to pick up, though it remains around average.
- The RSI has remained beneath 50 but is grinding higher, which suggests that sellers might be losing some strength. If the RSI rises above 50, a rebound at the rising support line is likely to occur.
Looking at the ETH/BTC 1-day chart:
- Ethereum has continued to trade sideways after breaking out of the previous 2-month-old falling price channel. ETH has been trading between 0.01918 BTC and 0.01767 BTC.
- From above: The nearest level of resistance lies at the upper boundary of the range at 0.01918 BTC. Higher resistance is found at 0.01966 BTC, 0.02 BTC, 0.0204 BTC, and 0.021 BTC.
- From below: The nearest level of support lies at 0.01790 BTC. Lower support can be found at 0.0176 BTC, 0.017 BTC, and 0.0165 BTC.
- The trading volume remains very low and below average.
- The RSI is very close to 50, indicating market indecision, hence the trading range. For a recovery to occur, we will need to see the RSI break well above 50 to show that the bulls are in control.