Ethereum Price Analysis and Prediction for September 8th 2019
- Relative Strength Index: The RSI at the time of writing is at a healthy 51 points, this means the market is healthy and has enough strength to make moves in either direction. Unfortunately, since RSI's previous action was bullish, we might see a slight dip below 40 points which might cause a retracement on the market.
- Bollinger Bands: The price is currently within the upper and lower bollinger bands range, however we can see its approaching the lower band and could cross over slightly before rebounding.
- Volume: After the bull run earlier today when the price hit $180, the volume at the time of writing is very minimal. This is again to be expected since its the weekend.
Ethereum Price Prediction
In yesterday's Ethereum price prediction, I said:
"Most likely the price will retrace slightly towards the MA line and harness power at that level for the next move."
While I was wrong about the market retracing, I was right about Ethereum harnessing power for its next move. I definitely didn't expect a test of $180 during the weekend, but that's the beauty of crypto markets - they are active 24/7.
For my next price prediction, let's take a look at the indicators.
The RSI is telling us that the market is healthy and has enough strength for another move, Bollinger Bands are telling us that the market wants to start trading sideways but there is slight bearish pressure. Finally, the volume is telling us that market action will be sporadic and unexpected - at least during the weekend.
According to the above indicators, my prediction is that Ethereum will attempt to hold the current support at the $178 level. ETH/USD might touch $180 a few more times, but it's going to be hard to establish support at that level. If the current support can hold through Sunday, I would expect more bullish momentum, even if Bitcoin doesn't perform that well. I'm also anticipating a slight decoupling of ETH from BTC as the community is gearing up for Ethereum's 2.0 launch.
Exciting times ahead for Ethereum, so if you don't want to feel any FOMO make sure you keep a close eye on the price and set your targets.
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