A similar approach and analysis can be made for Ethereum's Ether, which is outperforming BTC year-to-date, as the majority of its impulse upward moves have corrected heavily to retest previous resistance levels.
300 resistance zone could very likely be the support level.
The crucial question in this regard is at which level can a higher low be established? The most profound answer to this question is the previous resistance at $300 becoming support.
Even if the $300 level doesn't support, the 200-week MA at $220-245 can sustain and confirm the higher low.
The $300 level already held as support, increasing the likelihood of Ether holding above this level.
If the $300 area sustains support, new resistances and levels can be defined through horizontal price levels and the Fibonacci extension tool.
This would mean that Ethereum could surge more than 100% in the next impulse move, driving the markets to the next level.
If Ethereum 2.0 gets released, the strength will only increase, indicating that the second level has been most likely reached.
The daily chart of ETH/BTC is showing clear support at the 0.03 sats level.
Traders should watch 0.026 sats if the level of 0.03-0.031 sats is lost for support.
Ethereum can rise to $800 in 2020 if this bull 'mini-cycle' repeats
Published on Oct 19, 2020
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.