Crypto Screener › Forums › Ethereum (ETH) Forecast – Technical Analysis › Ethereum (ETH) Price Analysis – August & September 2018 › Reply To: Ethereum (ETH) Price Analysis – August & September 2018
Quick update on the Ethereum market versus Bitcoin as we failed to consolidate above 0.041 btc this week. Prices are now testing critical support, lets take a look at the ETHBTC 1hr chart for a short term analysis.
This is the kind of setup some higher risk traders love to bet on, however please note, i did say HIGHER RISK. Currently we are testing the support zone at 0.04 btc, which can give us a nice bounce to previous resistance levels, or bring new amounts of blood to the market should it fail to summon the bulls.
Resistance on the very near term is around 0.0402 btc – 0.0405 btc, should we get a break above this zone we should test the next level of resistance at around 0.041 btc, as you would remember, our previous failed support zone.
For those wishing to go long on the market I would recommend patience until we get a clear break above the current resistance. For those wishing to short the market, there could be a play, should 0.04 btc fail to act as support.
However be sure to take note of the momentum and price action, as buying volume could cause prices to bounce shortly after the initial drops. Safe trades.