Support is quietly building above the 200 mark in the past month.
Ether is trading in a price range of about 80 points, between 170 and 250, since September 6th. It is the same performance that was seen between mid-August and September 5th, when Ether was traded between 250 and 320.
Per this article’s release time, the cryptocurrency is quietly building support and it seems the recent bad news and announcements are priced in.
If there is a move towards the 170 level it would likely be followed by a major and unforeseen bad announcement. However, no critical news is expected, at least in the near future. Ethereum founders have proved transparent, especially in times of tough announcements.
The upside scenario requires a first move to the 260 mark that will be followed by a cross above the monthly and the quarterly price averages. It will break up the current narrow price trading range as well.
This scenario will present a technical pattern that will validate the current price level as support. It should ignite trading momentum and bring back enthusiasm to the market as well. That said, an upside scenario will test the cryptocurrency’s current key resistance level around the 400-round mark
- Support levels:
Week: 214.0 Strong: 200.0 Key: 167.0
- Resistance levels:
Week: 255.0 Strong: 320.0 Key: 400.0
- Average prices:
Month: 225.0 Quarter: 241.0 Year: 523.0
What is price consolidation?
Price consolidation occurs after a market has had a strong move in one direction and then it takes a pause. That pause reflects a time period where the market fluctuates within a narrow price range, between support and resistance levels.
*Any views and opinions presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading.