It has been a challenging two weeks in the cryptocurrency market for both major and minor coins. Ethereum (ETH) has been one of the best-performing coins out of the top-10 on Thursday. ETH had hit a new all-time high at $488 on September 1 after which it pulled back towards $310. However, the recovery extends while upside pressure mounts as ETH/USD closes on $400. The second-largest digital asset price has gained more than 4% since the beginning of the day. At the time of writing, ETH/USD is hovering around $386. The coin is moving within a short-term bullish trend amid high volatility. The expected launch of much-awaited Ethereum 2.0 (Serenity) nears as the development team prepares for the release of the Spadina Testnet for deposits. ETH 2.0 has been designed to launch in three phases. Phase 0 is supposed to debut by the end of 2020. Phase 1 has been scheduled for 2021 ahead of Phase 2 release either in 2021 or 2022.
*ETH had hit a new all-time high at $488 on September 1 after which it pulled back towards $310
*However, the recovery extends while upside pressure mounts as ETH/USD closes on $400
*The expected launch of much-awaited Ethereum 2.0 (Serenity) nears as the development team prepares for the release of the Spadina Testnet for deposits
Key Levels
Resistance Levels: $500, $450, $400
Support Levels: $370, $335, $300
ETH/USD Daily ChartAs observed on the daily, Ethereum’s price hit the bottom at $310 on September 5 and has been recovering slowly ever since. However, the critical barrier of $400 remains unbroken, which implies the bulls may be reluctant at this point. The price rolled back from its lower level around $370 and rebounded to the intraday high of $384.97 on Thursday.
At $390, the upper horizontal line acts as a local resistance that prevents ETH from an extended rebound to $400 and levels between $488.95, 2020’s highest level. Importantly, the daily MA 50 strengthens this region, making it a hard target for the bulls to break. Besides, on approach to $355, ETH has consistent support.
ETH/USD 4-Hour ChartEthereum stays fixed to further breach the $390 primary resistance line that correlates with the MA 200 of 4 hours. Technical analysis suggests that the ETH/USD pair might see a breach through the $390 barrier heading towards the $400 and $415 range. As pressure mounts towards the $400 mark, investors who are bullish towards Ethereum may seek to buy the cryptocurrency.
The ETH/USD pair is holding steady at the price level of $386 and has been trading in a limited range between the price levels of $390 and $355 for eight consecutive days. The ETH/USD pair is only bullish while trading above the $355, key resistance is found at the $415 and the $450 levels. If the ETH/USD pair trades below the $370 level, sellers may test the $355 and $335 support levels.
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