Ethereum [ETH] Price Analysis (16/09/2020)
Ethereum [ETH] Price Analysis: Bulls are exhausted but $500 is Valid?
The Ethereum price is all over. While traders are optimistic expecting a moonshot because of fundamental factors, bears are currently in charge, clipping proceeds of the last few days.
In the past 24 hours, the Ethereum price is down three percent against both the greenback and BTC. However, from a top-down approach, ETH bulls are still in charge, adding five percent in the last week of trading versus the USD.
From the daily chart, the ETH price is still consolidating below the middle BB but trending above $360. These are bullish flickers.
Still, what’s needed for a buy trend continuation and a snapback to trend considering the encouraging reaction from the 61.8 percent Fibonacci retracement level of June to Sep 2020 rally is a complete reversal of Sep 5 losses.
From an Effort-versus-Result perspective, bears are in charge unless there is a high volume close above the middle BB and $400. This will open doors for $480.
If prices slide below $360 and $300, odds of a steeper correction will only increase.
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