Ethereum’s Price Reaches New Monthly High, Will it Catch Up with BTC?

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Written By: Alejandro Zambrano
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    Summary:
  • Today, Ethereum's price (ETHUSD) has traded above the July 15 and 20 highs of $238.05, and this might open up for furhter gains in the days ahead. Read more

At the time of writing, Ethereum’s price had just traded back lower after reaching a new August high of $240. The move to $240 was vital as it removed the July 15 and 20 highs of $238.05 that had been blocking price. The move higher suggests that we could see higher prices in the days ahead.

Ethereum’s price witnessed an explosive growth from its 2018 low of 82.86 dollars per coin to its 2019 high of $363.28. From its 2019 high the price slid by approximately 47% to reach a low of $191.19 on July 16. Since then price spent the rest of July consolidating and the price formed a triangle pattern that completed on August 2. The triangle pattern suggests that the price might trade as high as $260.80 as long as the price trades above the August 4 swing low at $217.

The move higher in ETHUSD was preceded by a similar accumulation period in Bitcoin which eventually saw BTCUSD retrace more than 61.8% of its decline from its year-to-date high. Ethereum’s price has so far not even managed to reach its first Fibonacci retracement level of 38.2% at $257 and suggests that ETH might have a bit to catch up vs. BTC.

Overall, the longer-term trend in prices since their 2018 lows, the triangle pattern, and BTCUSD moving ahead of ETHUSD hints that Ethereum prices might be supported.Don’t miss a beat! Follow us on Twitter.

Written By: Alejandro Zambrano

Alejandro Zambrano combines extensive professional experience and a pragmatic attitude to trading, building clients’ understanding of the markets and the rationale behind investing. Zambrano was the Chief Market Strategist of the FCA regulated broker, Amana Capital. Prior to that, he was also the Head Analyst at FXCM’s London research desk. Interact with Alex via Twitter at @AlexFX00.

Published by
Written By: Alejandro Zambrano