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Cryptocurrency Analysis: Ethereum Hits $380, Nearing All-Time High

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Cryptocurrency Analysis: Ethereum Hits $380, Nearing All-Time High

Introduction

This article was posted on Wednesday, 19:47, UTC.

The second largest coin finally reached our next target level after a long and grinding leg higher, and the ETH token topped out only a few percent off its all-time high near $400 today in early trading. Ethereum, which was the top performing major during the summer rally, has been lagging Bitcoin and most of the other prominent coins during the recent rally off the July lows, but it has gained relative strength recently. As BTC hit a marginal new high yesterday, ETH remained strong overnight, and it’s still within its rising short-term uptrend. Support is found near $330, $300, and $285.

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ETH/USD, 4-Hour Chart Analysis

Bitcoin is still trading slightly above the $4500 level, but, so far, it failed to gather strong upside momentum, and that could point to a bull-trap in the most valuable coin. The coins that are already sporting lofty gains, like Monero and Dash, could be the most affected by a BTC correction, while the likes of Litecoin, Ripple, and Ethereum Classic could outperform in such a scenario. Today, most of the largest currencies are little changed, with NEM and Dash trading notably higher, while Monero losing ground for the third day in a row. Let’s see how the charts look on this quiet day.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin breached the $4600 level for a new all-time high overnight, carrying the crypto segment’s value to over $165 billion for the first time. The coin is now only a tad above the prior record levels, signaling caution for investors, as the long-term picture remains deep in overbought territory. Key support levels are still found at $4000, near $3800, $3500, and $3150.

Litecoin

LTC/USD, 4-Hour Chart Analysis

LTC is still consolidating its recent break-out, trading in a very narrow range for the second day in a row. The coin is in clear short- and long-term uptrends, without being overbought, pointing to more upside potential for both traders and investors. Support levels are found near $60, $56, and around $51, while the next target level is near the $70 level.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is slightly above yesterday’s short-term correction lows, as it the coin is still within a narrow range after the surge to $400 during the weekend. The currency is still overbought regarding long-term momentum, and the current setup suggests a more protracted correction after the recent rally. Support is still at $300, and near $266, with the prior high below that at $230.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple settled down somewhat after a volatile period, in a broad short-term consolidation pattern after last week’s break-out. The coin is currently testing the upper boundary of the pattern, and another leg higher in the trend is likely after establishing a swing low near the $0.20 level. Below that, more support is found at $0.18 and near $0.16, while resistance is ahead at $0.26 and near $0.30.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic experienced some volatility today, but it continues to trade slightly below the $16 resistance after breaking the rising short-term trendline. The coin is still the weakest of the majors, and although the long-term picture remains encouraging, short-term traders should still wait with new positions until a new trend is established. Resistance is ahead at $18 and $23, while long-term support is found around the $14 level.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is a short-term correction pattern after hitting an all-time high above $150 level. The coin broke its steep uptrend, and with the long-term picture still being overbought, investors should wait with new positions until a deeper correction. Support levels are found near $125, at $100, and below that around $80.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM is drifting higher once again within the broad trading range around the 0.000065 level, but the pattern is still very much intact. The long-term picture continues to look encouraging, and with Bitcoin being in overbought territory, a rally towards   0.000075 is likely, with a possible test of the 0.00009 level as well. Support is still found near 0.0000575 and 0.000048.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO has been very volatile in the last couple of days, testing the $30 level and rebounding sharply twice in the period. The coin faces resistance at $40 and $46, while an unlikely break below $30 would warn of further correction, possibly towards the $22 support.  Short-term traders should still wait with entering new positions, but investors could add to their holdings near the $30 support.

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

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