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10 Dec 2019
3 min read

ETH/USD Price Analysis

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Written by OspreyFX News Team

*OspreyFX would like to state that traders should research extensively before following any information given hereby. Please read our Risk Disclosure for more information.

ETH/USD Price Analysis:

  • Ethereum remains within bearish territory consolidating in a tight range above the $146 level.
  • A rally towards the $203.10 level on the horizon.

ETH/USD Price: Still on bearish territory below $150

The crypto space currently has a neutral tone for the ETH/USD pair, which has been consolidating within a tight range above the $146 handle. With gains limited by a robust 50 SMA placed at the 4H chart. The cryptocurrency stays comatose during December, and it seems like slight moves could happen in the coming hours.

However, as a full-packed week in terms of event looms, price action can be volatile. Not directly focused on cryptocurrencies, but in the USD price dynamics across the board. As such a week could be the โ€œlastโ€ in terms of high volatility, with the ECB and Fedโ€™s interest rate decisions in focus. Thus, traders are readying their positions and fastening their seat belts to catch opportunities for trading in the crypto sphere.

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Bullish scenario for ETH/USD

Moving to Ethereum, the upside is capped by the resistance level of $157.98, which is a key resistance to break in the short term. Once ETH manages to break above such an area, a rally is expected to occur towards the $169.36 level.

However, a 200 SMA at the 4H chart could cap further gains, as itโ€™s taken as a dynamic resistance. If ETH/USD manages a breakout beyond that region, the next tough nut to crack would be a bearish trend line drawn since September, of around $176.48. The cryptocurrency could break above that area to rally towards the $203.10 level.

Next support level to watch

To the downside, Ethereum is finding strong support around $143.70. Which is helping to provide a critical bottom in the short term. If such a level gives up in favour of the bears, the next hurdle to break lies at $134.83, ahead of the $125.49 level.

The zone is a critical one, due to the free-fall that ETH could suffer if it is broken by the bearish force. If that happens, the next support is located at $102.51.

The RSI indicator still remains in the negative territory, while momentum is pointing upwards across the board.