Ethereum (ETH) anticipates to pull off once again as the short-term bearish momentum looks to land. The market trend suggests that it’s the best time to buy ETH/USD while the price of Ethereum looks to break the resistance level and enter the bullish zone.
Ethereum Price Forecast
After the previous sell-off, the market indicators hint towards ETH price to take off. This is the best time to buy Ethereum as it has been trading at its lowest in the last couple of weeks. Historically this is a right spot for buyers to jump in when the volume is low.
One of the significant aspects for ETH to surge high would be the support of Bitcoin because the influence of BTC is almost everything for each altcoin. If Bitcoin continues to trade in bullish momentum, ETH has a fair bit of chance that it will break the current resistance level and aim for $300 price mark.
Technical Indicators
As we inspect the oscillating indicators, awesome oscillator shows that ETH is moving upwards and gives the least reading of –8.96 in the whole last month. This indicates that it’s time to buy ETH, as it shows that the oscillator is heading towards the positive territory. Moreover, the price oscillator also shows that ETH is ascending, as it currently gives the reading of 1.17, the highest since last month.
The support levels compared with Bitcoin price are at 0.020, 0,0187, 0,017, and 0.0155. As we write this, it has already touched the second-lowest support level of 0.0187.
The critical resistance levels stay at 0.020, 0.0229, and 0.0236. As ETH is set to follow the upward trend, it may break the resistance level of 0.0236 soon.
ETH Market Overview
Ethereum (ETH) kicked off the day at USD 223 after losing up to –8 in the previous day (7th Aug). Since the start of August, Ethereum rose from $212 on 1st Aug to $227 in just four days gaining up to almost 7%. It followed the upward trend as ETH reached $235 mark on the same day (5th Aug).
After rising massively, ETH faced downfall and went back to trading at $227, the next day. As we follow the market trend, Ethereum is gaining positive momentum, though it has been a slow recovery but with the indicators showing favorable support, we could see a decent run from ETH in coming days.
At the time of press, ETH stands with a market cap of $24 billion, volume of $7 billion, and the trading price of $225. Ethereum is still recovering from yesterday’s downfall as the second most significant cryptocurrency in the world still trades in the negative zone.
Conclusion
Scanning the overall forecast of Ethereum (ETH) gives investors an excellent opportunity to buy the altcoin at a low price because all odds are favoring ETH, and soon, it may follow a strong bull run. The key here is to note how Bitcoin supports the market because BTC also anticipates a promising bull run in the coming few weeks.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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