Ethereum Price Analysis: ETH/USD 5-year anniversary rockets it to new 2020 high at $340
|- Ethereum marks its five-year anniversary with gains hitting $340 (new 2020 high).
- Ether is holding above $330 short term support even as selling activities increase.
Ethereum marked the five-year anniversary amid a bullish momentum across the board. The attention received from the cryptocurrency community saw it break above the descending trendline, highlighted in Thursday’s analysis. This opened the road for gains that beat the previous 2020 high ($334) to form a new yearly high at $340.
In the meantime, Ethereum is trading at $332 after testing the initial support at $330. It is apparent that gains back to $340 will not come easy in the coming sessions. This is brought to light by the RSI’s slip from the region above 70 (overbought) to the current 65. An ongoing horizontal motion suggests that consolidation is the most likely trend in the near term.
The Elliot Wave Oscillator has commenced a bearish session following a short bullish session printed on Thursday. Recently, Ethereum confirmed support at $305 before rising to new yearly highs. If support at $330 holds its position, we can expect Ether to rise above $340 and even bring down the hurdle at $350. This will draw the cryptocurrency very close to breaking 2019’s high around $361 while focusing on $400.
On the other hand, losses under $330 would seek refuge first at the 50 SMA ($322.91) which is marginally above the 100 SMA ($321.42). Although, the level at $320 failed to hold earlier this week, more support is anticipated at $312 and $305 respectively.
ETH/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.