Ethereum Price Analysis: ETH/USD Records over 5% Surge Within a Day; Moving past $178

ETH Price Analysis – September 7

The price of Ethereum surges from $169 to $179 within a day and it may move past $180 before the coming week.

ETH/USD Market

Key Levels:
Resistance levels: $200, $210, $220
Support levels: $150, $140, $130

This is a good time for Ethereum holders as the coin is starting to show some signs of improvement and is likely to begin to trade above $200 very soon. The current performance of the coin in the market also indicates the beginning of an uptrend by the end of this month, and traders must therefore closely monitor this coin.

However, the highest price value Ethereum has had in the last 30 days was $233 and in the last 7 days, it has gone down to $171. ETH can be expected to rise from $180 to $200 over the next two weeks. The on-going trend may move a little bit higher this week, and the coin could cross the 21-day MA to touch the nearest resistance at $200, if the bulls put more effort, the price could hit additional resistance levels at $210 and $220 respectively.

Meanwhile, the support levels to watch out for are $150, $140 and $130. The stochastic RSI indicator is moving below level 70.

ETH/BTC Market

Against Bitcoin, looking at the chart, ETHBTC is bearish. The price formed a descending channel on the chart and it is at the lower support line of the channel consolidating. The bulls have started pushing the price upward today but if they are able to maintain the trends, the price may likely hit the supply levels at 0.019 BTC and above.

Moreover, when we look at the current Stochastic RSI on the daily chart, it appeared that the bulls are gaining momentum as the market tries to recover from the overbought condition. Should the bulls miss this opportunity, ETH price could cross down the lower part of the channel and drop to the demand levels of 0.015 BTC and below.

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