ETHUSD Analysis and Forecast (Wed, Sept 26th, 2018): peace before the storm

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The cryptocurrency market and especially Ethereum are enjoying the peace with green light; however, investors should pay attention to the upcoming storm

The cryptocurrency market is enjoying a slight recovery from the previous's tumble. The biggest digital currency Bitcoin pulled back 0.77% to be traded at $6480.77. Bitcoin market cap remains above 50% at 52.6%.

Ripple has witnessed the highest rising by 15.77%. At the end of this September, Ripple developers conference may create excitement and hype among community.

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Ethereum is now trading at $214.22, surging by 0.83% compared to the opening price.

After breaking through the lower edge of the ascending channel on chart H4, ETHUSD is still lingering below the strong resistance level at $218.66. Looking at the MACD, MA12 and MA26 are getting closer indicating the forthcoming reverse; however, there's still more room for further diving.

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In the short term, it is predicted that the pair would crawl down to the support level at $201.86. On chart H1, both Relative Strength Index (RSI14) and Stochastic support for a further decline when both indicators are subjected to hit the oversold level.

However, when the market is confused by the confliction between bull and bear and there is no clear tendency, investors are recommended to stay on the sideline. It is expected that ETH might have closing price above the resistance level of $218.66 to confirm the bullish strength.

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Written by nami.today

Featured image credited from Hedgeye

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