Forex and Crypto News

Ethereum is recovering and may continue to move up

16:30 19 February /2020

Ethereum began to recover from February 17 and today, February 19, its price reached a maximum of $286. At the time of publication, the price of Ethereum is $280.

Analysts give optimistic forecasts for Ethereum. They forecast Ethereum to rise to around $300 in upcoming sessions. ETH/USD crossed the level of 275 almost in a straight line since mid-January with an increase in volume. If the pair holds above $275, this will be the start for moving to the $300 area.

ethusd-19-january.jpg

Analysts also note that the average crypto trading volume over the past seven days was four times greater than in the second half of 2019.

If you look at the 4-hour chart of the ETH/USD pair, you can see that the pair has formed a double top. This is an extremely bearish pattern that occurs when an asset reaches a local maximum twice in a row with a slight decrease between them.

Now the level of $247 is the closest strong support for the ETH/USD pair. If the price falls below this mark, then the double top model has worked. As a result, the pair may fall in the range of $203-233.

There is also a high chance of consolidation. ETH/USD may consolidate before it catches its breath to continue another bull run.

After today's rise to $288, the pair may fall to 250 for a respite, which in turn may lead traders to aim at $334 as the main target for growth.

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