Ethereum (ETHUSD) Analysis and Forecast (Thu, Sept 27th, 2018): Who will win this battle?


Ethereum has formed several candlesticks with same body heights, indicating that the buyers and the sellers are in a state of equilibrium.

From the news we have:

One day ago, the U.S. tech giant - Google - reported that from this October onwards its Google Adwords platform will partially allow cryptocurrency advertisements by registered cryptocurrency exchanges. Early this year, this company, following Facebook, stated that all businesses related to cryptocurrency would be banned from buying ads on its platform.

In a separate development, JPMorgan added 75 new banks to its ethereum-based blockchain payment project - the Interbank Information Network (IIN). This project was set up last year by this bank and two partners: the Australia and New Zealand Banking Group (ANZ) and the Royal Bank of Canada.

These announcements helped light up a sombre picture of the crypto market with a soft recovery. Ethereum ticked up from the low of $202.32 and is attempting to scale above the 50.0% Fibonacci retracement level of the recent increase from $167.19 low to $254.82 swing high.

ethereum, ethusd, eth, technical analysis
Ethereum (ETHUSD) H4 chart on September 27th, 2018

On Sep 25th, this cryptocurrency witnessed a heavy collapse of over 15% from the 23.6% Fibonacci retracement level, falling sharply below the lower line of the upward channel. The price of Ethereum is struggling to hold the support at $211, which coincides with the 50.0% level. If the recent candle is an ascending one with a significant body height, the 2nd-largest cryptocurrency by market cap can perform a nice upward movement. In the case that the price continues to consolidate around this zone, a slight decline to the next support of $200 is bound to happen before bouncing back.

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