The recovery in Ethereum price is in full swing. And this time around, ETH may have enough gas in the tank to go higher, much higher.
Ethereum (ETH) is trading at $ 2,312, up $ 123 (+ 5.69%).
This morning, Ethereum is on its way to printing a sixth green candle in a row on the daily chart. The notable reversal from last week’s low has caused ETH to gain 20% in the past seven trading days. Additionally, the bulls are encouraged that Ethereum’s price performance has outperformed all other top ten cryptocurrencies.
This impressive history has increased Ethereum’s market cap by more than $ 65 billion to $ 269 billion over the past week. However, that number could continue to rise.
Over the weekend, City AM spread the word that Amazon (NASDAQ: AMZN) had accelerated plans to accept bitcoin payments. In addition, an insider at the online retailer revealed that Ethereum transactions could follow.
The resulting rally has lifted ETH above the significant resistance of the 200-day moving average, and yesterday, ETH closed above the indicator at $ 2,110 for the first time since May 26th.
This positive development has the bulls keeping an eye on the psychological threshold of $ 3,000. So can the Ethereum price rally that began earlier this year finally resume?
ETH price forecast
The daily chart paints a positive picture of the price. ETH reversed itself perfectly, from the top of the “buy zone” between $ 1,400 and $ 1,650.
Now price has recaptured the 50 and 200 DMAs, the next level of resistance is seen at the 100 DMA at $ 2,534. The penetration of the 100 sets the price perfectly for an expansion to $ 3,000.
Worrying, however, is the low trading volume. And before I get too confident with my Ethereum price prediction, I would prefer to see increased activity. Of course, when traders in Europe and later the US wake up, it is possible that they will chase the price higher. Hence, it will be interesting to see how the price reacts in a few hours.
Despite the positive outlook, caution is advised until ETH closes above USD 2,534. If the price also loses the support of the 200 DMA at $ 2,110, my bullish view will be invalidated.
However, I fully anticipate follow-up purchases later in the day and predict that $ 3,000 could arrive sometime this week.
Ethereum Price Chart (Daily)
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Bitcoin Price Prediction Up in the Air As Intraday Whipsaw Liquidates Positions
The now disproved news of Walmart’s listing of Litecoin on its e-commerce platforms led to a quick intraday whip strike on several cryptos, including Bitcoin. Many liquidations took place as traders caught by the fake news regretted their losses.
In a now familiar fake news pump-dump cycle, Bitcoin prices shot up nearly $ 2,000 from intraday lows, but were forced to return all of those gains and a little more after Walmart issued a statement saying in which the rumored Litecoin partnership was refuted.
This scenario leaves no bullish Bitcoin price forecast in the air as Bitcoin prices continue to seek sustained support below the $ 46,200 price mark.
At the time of writing, Bitcoin prices are staying 3.4% lower and trading within the range formed by 43570 and 46200.
Bitcoin price prediction
If the price picture ended the day as shown, a bearish engulfing pattern would have formed. This opens the door for bears to secure support at 43570 with the aim of restoring a correction towards the 40750 and 37,455 price levels if that price mark does not hold.
Conversely, just breaking the upper limit of Monday’s intraday range at 46200 would change the bearish outlook for the Bitcoin price forecast. Bulls would then attempt to push prices above 47,500, which opens the door to psychological resistance at 50,000.
Bitcoin price: daily chart
Terra Set To get Cheaper in near Term
LUNA price continues to correct from the monster one-day rally of 40% to a new all-time high of $ 46.16. This morning Terra is down about 10%, bringing the three day loss to over 20%, meaning that LUNA price is officially in a bear market. Although the LUNA coin is still 550% higher than in July despite the pullback.
In the past few weeks, the crypto market has had mixed fates. Bitcoin (BTC / USD) scaled $ 50,000 but soon dropped to $ 44.00. Similar, Ethereum (ETH / USD) jumped over $ 4,000 before falling back to $ 3,000. Other assets including Earth (MOON / USD), climbed to new all-time highs.
Last Tuesday, the cryptocurrency market suffered its biggest shock since the May crash. Bitcoin lost 18% and Ethereum more than 25% within a few hours. As a result, LUNA fell from $ 32.76 to $ 20.88, a 36% intraday loss. However, by the end of the game, Terra had reduced the loss to 15%. Additionally, LUNA was trading at $ 46.16 on Friday, 120% above Tuesday’s low. Although the crypto market is weaker almost everywhere today, LUNA price can take a bumpy ride.
Terra price forecast
The daily chart shows that LUNA has been trending up since June. Incredibly, Terra had risen over 1,200% from its Friday high after the May collapse. It is noteworthy that most of the profits have been made in the past few weeks. This has resulted in a 45 degree upward trend under the market. The trendline currently seen at $ 27.00 coincides perfectly with the August 26th close to create a robust level of support. This is the first target when the price collapses.
As long as the crypto market is under pressure, the chances are growing that the LUNA price will test support. Additionally, if Terra fails to climb above Friday’s high, it may raise concerns about a blow-off high. But beyond that, the price could go even higher.
On that basis, the negative view remains as long as the Terra price is below $ 46.16.
LUNA price chart (daily)
$1.000 to Define XRP’s Path Over the Weekend
Ripple price remains above the critical $ 1.0000 support zone even after falling over 16% on Friday. The industry has seen increased volatility since the massive crypto sell-off on Tuesday.
According to the Crypto Fear and Greed Index, the emotion that drives the market has shifted from greed to fear in the recent past. At the beginning of the week the extreme greed index fell from 79 to a fear level of 47. On Friday it showed a value of 46. At the beginning of the weekend the focus will be on the stability of the support level at $ 1.0000. Breaking below this zone could pave the way to previous resistance reversal support level of $ 0.9000.
Ripple price prediction
XRP remains stable above the psychological level of 1,000 despite its slump on Friday. The altcoin fell from an intraday high of 1.2423 to a low of 1.0295. The drop corresponds to a decrease of around 16.96%.
At the time of writing, Ripple price is down 3.42% to 1.0510. On a two-hour chart, it trades below the 25- and 50-day exponential moving averages.
In the short term, I expect the crypto to hover within a fairly narrow range between the support level at 1.0283 and along the 25-day EMA at 1.1083. Movement above the upper bound of the horizontal channel will place the resistance level along the 50-day EMA at 1.1447. Moving below the critical 1.0000 support zone will invalidate this thesis, however.
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