Ethereum (ETH) Price Analysis – February 18

  • The ETH price faces resistance at the $160 price level.
  • The ETH price is in a strong bullish momentum in the short and medium-term trend.
  • The crypto's price is expected to reach the highs of $160 and $200  but may face resistance at the $160 price level.

Ethereum, ETHUSDEthereum Chart By Trading View

ETHUSD Medium-term Trend: Bullish

  • Resistance Levels: $230, $240, $250
  • Support Levels: $130, $120, $110   

Last week, the price of Ethereum was ranging above the $120 price level. On February 8, the bulls broke the 12-day EMA, the 26-day EMA and the crypto's price reached a high of $127.37. The bulls have succeeded in breaking the $130 resistance level which was unbroken since January 10. Today, the ETH price has commenced a series of higher highs and higher lows.

The crypto's price is trading at $145.54 as at the time of writing. On the upside, the crypto's price is expected to reach the highs of $160 and $200 price levels but may face resistance at the $160 price level. The ETH price should be sustained above the EMAs and the bulls break the $160  resistance level. Meanwhile, the stochastic band is in the overbought region but above the 80% range which indicates that the price is in a strong bullish momentum and a buy signal.

ETHUSD Short-term Trend: Ranging 

Ethereum, ETHUSDEthereum Chart By Trading View

On the 4-hour chart, the price of Ethereum is in a sideways trend. The 12-day EMA and the 26-day EMA were trending horizontally as the crypto's price was range bound above the $120 price level. Today, the price of Ethereum is in a smooth uptrend. The crypto's price is making a series of higher highs and higher lows.

If the bulls sustained their momentum and break the $160 resistance level, the crypto will reach its previous high of $200.The stochastic is in the overbought region but above the 80% range which indicates that the price is in a strong bullish momentum and a buy signal.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.                                                                                                        

Weekly Newsletter

Mysterious Whale Buys 20,000 Ether on Crypto Exchange Binance

Francisco Memoria

A mysterious whale has recently bought around 20,000 ether tokens, worth $4.3 million, on leading cryptocurrency exchange Binance. Estimates suggest the whale has accumulated 300,000 ETH over the last few weeks.

According to Su Zhu, the CEO of Three Arrows Capital, the Ethereum whale has been accumulating the cryptocurrency during its recent dip below the $200 mark, and has been helping it remain above it.

Some users speculated the whale was just adding a so-called “prop bid,” a move that attempts to manipulate the market by temporarily boosting a cryptocurrency’s price. It would involve the whale adding the order to attract attention and get other buyers entering the market, to then cancel its own order.

Evidence seems to suggest otherwise, however, as the whale’s order was filled and helped the price of ether rise. The order came, according to Finance Magnates, days after a crypto YouTuber claimed a sell order of 15,000 ETH on crypto exchange Bitstamp saw the cryptocurrency’s price drop.

Thanks to the whale’s orders, Ethereum’s ether is currently trading at $217, after rising about 0.6% in the last 24-hour period. Earlier today the cryptocurrency’s price jumped from about $205 to $225 in about an hour.

Whales have, as CryptoGlobe has been covering, been seemingly accumulating cryptocurrency over the past few months. Earlier this month a 15% drop in bitcoin’s price saw whales accumulate more BTC, as data from Coinbase showed its users with the largest balances (the top 10%) were mostly buying the cryptocurrency.

Curiously, a research report from May of this year published by crypto surveillance firm Chainalysis revealed only 376 whales held about one third of all ETH in circulation. These whales were shown to not move their ether very often, as they’re holding their crypto and not actively trading it.