Ethereum (ETHUSD) Analysis and Forecast (Thu, Sept 13th, 2018): Reverse to uptrend

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Ethereum found its bottom at $167, now it’s time to surge.

After dropping like a rock, Ethereum is giving some positive signals of a change in direction in its market trend. The price of this cryptocurrency set a 14-month low at $167.32 and ended yesterday’s trading session with a hammer. The tiny body, combining with a long lower shadow and an absent upper shadow, indicates that the bulls were not only able to overcome the bears’ dominance but also to lift the pair up and close near the opening price on Wednesday.

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Ethereum (ETHUSD) D1 chart on September 13th, 2018

In H4 time frame, the price movement of Ethereum has been shaping 4 consecutively ascending candlesticks, pointing out that the upward pressure is strong enough to push the pricer higher. The second-largest cryptocurrency by market capitalization is supposed to form a Head & Shoulders pattern, in which the right shoulder will be around the level of $190. An upswing afterwards is awaited.

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Ethereum (ETHUSD) H4 chart on September 13th, 2018

Data provided by SANbase has also contributed to our optimistic sentiment,  it showed that the number of people who are interested in Ethereum has not declined despite a terrible depreciation on its price. As can be seen on the picture below, Ethereum received over 425,000 followers on Twitter, 15% higher than the reading collected on the platform this February; while this cryptocurrency’s last settlement was at $185 - a fifth of its value 7 months ago.

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Ethereum’s price and interest measures by SANbase

Written by nami.today

 

 

 

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