ETH Price Analysis – September 20
Since early September, Ethereum (ETH) has been outperforming Bitcoin (BTC) after months of brutal price drops.
Resistance levels: $240, $250, $260
Support levels: $173, $163, $153
Looking at the daily ETH/USD chart, we see a picture of good health. Buy volume has been building on every rally up, and the blue-line of the 9-day moving average is crossing the 21-day moving average to indicate a bullish trend, ETH is here stopped at the resistance level of $221.76, but it is slowly retaking its capitulation support zone.
Similarly, the daily chart still shows that Ethereum’s price is trading at $215.8 in a strong uptrend above the 9-day and 21-day moving averages and should the price move above $221, there is a higher possibility that the price could hit the target resistance levels at $240, $250 and $260. Should the bulls fail to do so, the price may likely drop to the support levels of $173, $163 and $153 as the stochastic RSI is extremely in the overbought.
Against Bitcoin, looking at the chart, ETHBTC is bullish. The price is trading above the 9-day and 21-day moving averages consolidating. The bulls are still pushing the price upward but today, the bears are making effort to bring it low if they are able to do so, the price may likely hit the support levels at 0.017 BTC and below.
Moreover, looking at the daily chart, the price is currently retesting at a resistance level of 0.021 BTC and where it may likely break out of the box. A movement above this level could push the price towards the resistance level of 0.024 BTC. As the trading volume increases, the RSI (14) is already in the overbought zone which gives a sign of selling pressure in the market soon.
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