Ethereum price is testing the $ 390 resistance. What to expect next?
Ethereum is testing a maximum of $ 390, but can’t hold on, continuing to follow Bitcoin despite the popularity and staggering growth of DeFi.
Ethereum sentiment is volatile unlike Bitcoin`s
The Ethereum price line tested the $ 390 level. USA on September 15, following the steps of Bitcoin. Binance’s new DeFi yield growth platform is betting on Ethereum, which probably keeps traders in a mixed mood. Crypto analysts at Trading View believe that ETH will soon grow to a value of $ 400.
1-day analysis
At the time of writing, the price of ETH on Bitstamp was $359.40. The cryptocurrency was trading at a maximum price of $ 381.82 at 02: 35 GMT on September 15. The lowest daily value of a crypto asset was $362.76. At the time of writing, the 20-day exponential moving average (20EMA) was seen at 359.42, while the 50-day moving average (50MA) was seen at $359.31 at the same time.
The relative strength index (RSI) rose to a daily high of 85.59 around 11:00 GMT. This means that the cryptocurrency was overbought at the time. Around 15: 00 GMT, the technical indicator fell to 12.69. This low of the RSI index means that the coin was extremely oversold at the time.
While Binance’s new crop-growing platform may allow a larger audience to access the principles of decentralized Finance, it still doesn’t look like Ethereum. This is due to the fact that Ethereum is a decentralized network, and the DeFi on this network is much larger than on Binance. The volume of transactions on the Binance Smart Chain is less than one-fifth of the volume of Ether. This is why it is easier for the exchange to control the ecosystem.
What’s next in terms of cost?
An analyst at Trading View Trading Axis believes that the ETH price line will soon grow to a value of $ 480.
The crypto analyst drew an ascending parallel channel that ETH entered in February 2020. The crypt was trading close to the lower border of the ascending channel. The price of ether remained close to the support of the trend line until August 2020, when It became bullish and broke the $400 mark.
The crypto analyst believes that the crypto asset will close this ascending parallel channel with a target price of 480.73. The stop loss for this trade was placed at $241.22.
Will Ether re-test?
An analyst at Trading View Atlas Trades said that the price value of Ether formed a trading model similar to the model of the king of cryptocurrency — Bitcoin. The analyst believes that Ethereum will see a pullback before retesting the $ 390 resistance.
Price schedule September 3–15
The cryptocurrency gradually moved up in a parallel channel after it fell below $ 390 on September 4, and the ETH valuation hovered around this value last week, while resistance is expected to be retested after a short pullback. The support level of 320 is important for keeping the position. If the cryptocurrency breaks below this support, it will become bearish and fall below the 300 us rubles mark. If the asset overcomes it, it is expected to turn bullish and go up.
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