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09 Jan 2020
2 min read

ETH/USD Start Off 2020 On A Positive Tone

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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 Start Of 2020 Outlook:

  • The pair stands fairly positive for ETH across the board, remains well above the $136 neighbourhood
  • ETH may point towards the $176.48 zone, ahead of a critical hurdle placed around $184.81.

ETH/USD Start Of 2020: Positive start above $136

The first week of 2020 has been fairly positive for ETH across the board, as it remains well consolidated above the $136 neighborhood. December was bearish for the cryptocurrency. It managed to reverse from the lows posted in the second half of the month. The chart also shows that the bulls are challenging a 200 SMA at the 4H chart. This slightly consolidates the price action above it. Ethereum follows a bullish trendline set from the lows of December and continues to provide support, putting the resistance area of $143.70 in focus. Once it breaks above the resistance, eyes will be on the $157.98 region. Which has been a critical barrier blocking further gains in the crypto.

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All eyes on a golden cross at the H4 chart

A narrow space could allow the price action to act strongly upwards, as the ETH/USD pair will make a bullish crossover (golden cross) of the moving averages, with the 50 SMA crossing above the 200 SMA. If this happens, the $169.36 level will be on the cards for the bulls’ force, which could strengthen in the crypto. If such an area gives up in favor of the bullish tone, ETH will point towards the $176.48 zone, ahead of a critical hurdle placed around $184.81.

 

ETH/USD Start Off 2020 On A Positive Tone

$100 on the cards

However, on the downside, any pullbacks at the current stage may be limited by the bullish trend line. This might be the first hurdle to overcome. If a breakout happens below there, Ether will strengthen its bearish tone towards the $102.51 level. A free fall is being highlighted. This may be the result of key supports proven to be free and these should be taken into consideration. Technical oscillators remain in the positive territory, with both RSI and Momentum staying above the equilibrium level. However, RSI is close to the overbought zone.