Ethereum Price Predictions Signals Strong Buy. Will it Break $200?

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Ethereum (ETH) and many cryptocurrencies are making climbing today, with the EU rallying pushing into the $170 region while Bitcoin pushes into $9,000. Ethereum price quotes started the week with growth along with the rest of the cryptocurrency market, supported by investors’ concerns regarding the spread of the deadly coronavirus in China. The epidemic may decrease Chinese housekeeper by 1% during the first half of this year. Thus, cryptocurrencies act as shelter assets and tend to grow along with metals. However, the current market strengthening may be temporary since the Chinese virus poses a potential threat to the cryptocurrency sector itself. Despite the prohibitions of the authorities, China continues to be a leader in the number of private investors in cryptocurrencies. The continued spread of the disease may reduce investment in the sector, and investor activity in the market.

As for the Ethereum network, it continues to prepare for the transition to version 2.0. On Monday, the creator of ETH, Vitalik Buterin, talked with community members and dismissed all allegations of the weakness of the second world cryptocurrency, saying that for him, the coin looks stronger than ever before.

There are very high expectations for the crypto market for 2020, especially for the flagship crypto Bitcoin (BTC), which has the bulls to dominate since January. Many traders and analysts are predicting Ethereum to go in the $200s very soon, and the extreme bulls say it be at $800 or more by year-end.

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Galaxy, an analyst, and trader is exceptionally bullish on Bitcoin and predicting it could break the trendline, creating record highs. He also says that Ethereum’s and Tether ‘s weekly charts show they are on the verge of breaking the 2018 downtrend and could reach new highs.

“ETH is weeks away from breaking out its two-year downtrend. Possible Bull signal incoming next week. February is take-off month,” Galaxy’s tweet reads.

Ethereum (ETH) Support and Resistance

The Ethereum (ETH) price tends to the upper limit of the Murrey trading range around ​​175.00 (Murrey [8/8]). Its breakout will let the price grow to 187.50 (Murrey [+2/8]) and 200.00. Nevertheless, MACD decrease in the positive zone and Stochastic’s entry into the overbought zone do not exclude a downward correction. After a breakdown to 162.50 (Murrey [6/8]), the weakening may continue Murrey trading range’ middle around 150.00 (Murrey [4/8])
Resistance levels: 175.00, 181.25, 187.50, 200.00.
Support levels: 168.75, 162.50, 150.00.

Ethereum (ETH) Pivots

Pivot Classic Fibonacci Camarilla Woodie DM
S3 59.26 95.83 118.57 73.65 —
S2 95.83 109.80 121.93 94.82 —
S1 112.23 118.43 125.28 110.22 104.03
P 132.40 132.40 132.40 131.39 128.30
R1 148.80 146.37 131.98 146.79 140.60
R2 168.97 155.00 135.33 167.96 —
R3 205.54 168.97 138.69 183.36 —

Ethereum (ETH) Trading Ideas

Short positions may be opened below 162.50 with the target at 150.00 and stop loss 168.00. Long positions may be opened above 175.00 with the targets at 187.50, 200.00 and stop loss 169.00.
Implementation period: 5–7 days.

Ethereum (ETH) signals
Ethereum (ETH) signals

Ethereum (ETH) Moving Averages

Name Value Action
Exponential Moving Average (5) 168.16 Buy
Simple Moving Average (5) 166.35 Buy
Exponential Moving Average (10) 166.00 Buy
Simple Moving Average (10) 166.48 Buy
Exponential Moving Average (20) 160.66 Buy
Simple Moving Average (20) 161.00 Buy
Exponential Moving Average (30) 156.62 Buy
Simple Moving Average (30) 152.24 Buy
Exponential Moving Average (50) 153.82 Buy
Simple Moving Average (50) 144.54 Buy
Exponential Moving Average (100) 158.63 Buy
Simple Moving Average (100) 156.97 Buy
Exponential Moving Average (200) 171.91 Sell
Simple Moving Average (200) 176.06 Sell
Ichimoku Cloud Base Line (9, 26, 52, 26) 152.41 Neutral
Volume Weighted Moving Average (20) 163.14 Buy
Hull Moving Average (9) 168.63 Buy

Ethereum (ETH) Oscillators

Name Value Action
Relative Strength Index (14) 64.91 Neutral
Stochastic %K (14, 3, 3) 70.18 Neutral
Commodity Channel Index (20) 78.84 Neutral
Average Directional Index (14) 42.46 Neutral
Awesome Oscillator 15.99 Buy
Momentum (10) −2.55 Buy
MACD Level (12, 26) 7.00 Sell
Stochastic RSI Fast (3, 3, 14, 14) 42.51 Neutral
Williams Percent Range (14) −31.36 Neutral
Bull Bear Power 14.46 Neutral
Ultimate Oscillator (7, 14, 28) 63.90 Neutral

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