Ethereum’s price is $182 and is growing in sync with market conditions. A failure to stay above $180 this week may negate an immediate bullish scenario. The cryptocurrency market sentiments are improving and ETH/USD is changing hands with the short-term bullish bias. The second-largest digital asset with the current market value has gained 0.01 percent on a day-on-day basis.
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The move above $180 bodes well for ETH and a strong move above $184, the SMA50 will set recovery towards the next critical target of $200. Considering an upward-looking Relative Strength Index (RSI), the bullish scenario looks viable at this stage. This development will allow for a deeper correction towards the next psychological area $170 closely followed by Monday’s low of $168.83. Once it is cleared, the sell-off may be extended towards this week’s low of $164.50 and hover about the psychological $160 mark.
Ethereum has been attempting to recover from the downtrend of the past two weeks which suffered toward the end of last month. ETH touched $225 in the middle of September before plummeting to $150 within two weeks.
Throughout September, Ethereum was seemingly well on the road to recovery following a tough summer, with the price finally rising above all three of its EMAs for a brief moment. Accompanying the wider market downturn towards the end of the month, the price has since come crashing back down.
ETH has been attempting to consolidate and recover since the market meltdown but is struggling to hold on to any gains. Until Bitcoin breaks some serious levels, around $12K and then $14K, Ethereum may not hit any new highs. If it does, the markets could start pumping way before the Bitcoin halving or the release of ETH 2.0 in January 2020.
Earlier this month, during a major crypto-conference, Ethereum founder Vitalik Buterin mentioned how most things are finalized in regards to ETH 2.0 and clients are talking to each other already. Therefore we can expect a testnet release of the new Casper PoS models by the first half of 2020 at the latest.
For now, investors have been storing their remaining value and profits in BTC, as Bitcoin is still close to 90% domination according to some sources. BTC is still in a bull market, and soon enough, the top altcoins will be as well. It is recommended that traders buy in small entries and wait for the volume to consolidate further and hit closer to $7.6 Billion.
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