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Ethereum Forecast: Price May Rally to the Monthly Resistance Level

Ethereum Forecast: Price May Rally to the Monthly Resistance Level

2020-08-05 14:00:00
Mahmoud Alkudsi, Analyst
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ETH/USD Technical Forecast

  • Positive outlook while above $417.4
  • Ethereum price chart highlights a continuation pattern

Ethereum – Edged Higher

Last week, Ethereum hit an over 13-month high of $348.2 then closed a weekly candlestick in the green with a near 21.0% gain.

This week, the Relative Strength Index (RSI) has remained in overbought territory emphasizing the strength of the bullish momentum

Ethereum Daily PRice CHART (May 20, 2019 – August 5, 2020) Zoomed Out

Ethereum daily price chart 05-08-20 Zoomed out
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Ethereum Daily PRice CHART (AUG 25 – August 5, 2020) Zoomed In

Ethereum daily price chart 05-08-20 Zoomed in

On Saturday, Ethereum opened with an upward gap then climbed to the current $358.6- $417.4 trading zone then on the following day the price hit a two-year high of $415.5 then fell after as some bulls seemed to cut back.

A daily close above the high end of the current trading zone may encourage bulls to extend the rally towards the monthly resistance level at $487.2 ( July 2018 low).

On the other hand, a failure in closing above the high end of the zone reflects bull’s hesitation and may ultimately guide Ethereum’s fall towards the low end of the zone (June 2019 high).

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Ethereum Four Hour PRice CHART (July 23 – August 5, 2020)

Ethereum four hour price chart 05-08-20

This week, the price paused its upward trend and developed a bullish pennant pattern. Therefore, a break above the higher bound of the pennant indicates a possible continuation of the upward trend.

To conclude, currently the price trades in a sideways move as creates lower highs with higher lows. A break below the bullish trendline support originated from the July 28 low at $306.4 may keep the bearish potential alive.

Therefore, a break below $350.0 could send ETH/USD towards $323.7, while a break above $422.0 may cause a rally towards the $440.0 handle. As such, the support and resistance levels marked on the four-hour chart should be considered.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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