{"id":563129,"date":"2020-08-09T18:02:15","date_gmt":"2020-08-09T15:02:15","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=563129"},"modified":"2020-08-09T18:02:15","modified_gmt":"2020-08-09T15:02:15","slug":"ethereums-eth-bullishness-depends-on-the-365-support-zone","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/ethereums-eth-bullishness-depends-on-the-365-support-zone\/","title":{"rendered":"Ethereum&#8217;s (ETH) Bullishness Depends on the $365 Support Zone"},"content":{"rendered":"<p><strong>In summary:<\/strong><\/p>\n<ul>\n<li><strong>Ethereum&#8217;s price is consolidating below $400 and above the $365 support zone.\u00a0<\/strong><\/li>\n<li><strong>A loss of $365 for ETH could break Ethereum&#8217;s bullish run in the crypto markets.\u00a0<\/strong><\/li>\n<li><strong>$365 was Ethereum&#8217;s peak value in 2019.\u00a0<\/strong><\/li>\n<li><strong>However, if Bitcoin maintains its course above $11,500, Ethereum could have a chance at rekindling its bullish drive.\u00a0<\/strong><\/li>\n<\/ul>\n<p>Low trade volume is a characteristic of most weekends in the crypto markets. According to <a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Coinmarketcap<\/a>, Ethereum&#8217;s daily trade volume on Friday, August 7th, was approximately $12.9 Billion. The same <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-ethereum-eth-news\/\" target=\"_blank\" rel=\"noopener noreferrer\">Ethereum<\/a> trade volume now stands at $9.9 Billion signifying a drop of approximately 23%.<\/p>\n<h2>Ethereum&#8217;s Bullishness Depends on the $365 Support Zone<\/h2>\n<p>The low trade volume has had an effect on the price movement of Ethereum in the sense that ETH has been consolidating, without much volatility, between the $400 resistance zone and the $365 support zone. The latter value is a crucial area of interest for Ethereum for it was ETH&#8217;s peak value last year, 2019.<\/p>\n<p>Failure of Ethereum to hold this value could signify an end to its bullish momentum and the return of a slow downward spiral for Ethereum in the crypto markets.<\/p>\n<figure id=\"attachment_563131\" aria-describedby=\"caption-attachment-563131\" style=\"width: 993px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/08\/ETHUSDT-August-9th.jpg\"><img class=\"wp-image-563131 size-full\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/08\/ETHUSDT-August-9th.jpg\" alt=\"\" width=\"993\" height=\"507\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/08\/ETHUSDT-August-9th.jpg 993w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/08\/ETHUSDT-August-9th-300x153.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/08\/ETHUSDT-August-9th-770x393.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/08\/ETHUSDT-August-9th-240x123.jpg 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/08\/ETHUSDT-August-9th-717x366.jpg 717w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/08\/ETHUSDT-August-9th-150x77.jpg 150w\" sizes=\"(max-width: 993px) 100vw, 993px\" title=\"\"><\/a><figcaption id=\"caption-attachment-563131\" class=\"wp-caption-text\">Chart courtesy of Tradingview.com.<\/figcaption><\/figure>\n<p>A quick glance at the 6-hour ETH\/USDT chart above, reveals the following.<\/p>\n<ul>\n<li>Ethereum&#8217;s trade volume is low and indicates a reduction in selling pressure.<\/li>\n<li>The 6-hour MACD had attempted to cross in a bullish manner above the baseline before continuing on its downward path.<\/li>\n<li>The 6-hour MFI is in neutral territory at a value of 46.<\/li>\n<li>The 6-hour 50-MA also provides an area of support around $365.<\/li>\n<\/ul>\n<h2>It all Depends on Bitcoin&#8217;s Weekly Close<\/h2>\n<p>As much as Ethereum investors and enthusiasts would want to see ETH decouple from Bitcoin, the digital asset&#8217;s fate is still highly tied to that of BTC.In an earlier analysis, it had been concluded that a Bitcoin <a href=\"https:\/\/en.ethereumworldnews.com\/11500-is-the-bitcoin-level-to-watch-during-btcs-weekly-close\/\" target=\"_blank\" rel=\"noopener noreferrer\">weekly close above $11,500<\/a> is what is needed for BTC to remain in bullish territory.<\/p>\n<p>Given the aforementioned close <a href=\"https:\/\/en.ethereumworldnews.com\/ethereums-eth-correlation-to-bitcoin-is-gradually-decreasing\/\" target=\"_blank\" rel=\"noopener noreferrer\">correlation between BTC and Ethereum<\/a>, it can, therefore, be loosely concluded that ETH&#8217;s battle to remain above $365 is tied to Bitcoin&#8217;s ability to close the week above $11,500.<\/p>\n<p>As with all analyses of Ethereum, traders and investors are advised to use stop losses as well as low leverage during uncertain times.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In summary: Ethereum&#8217;s price is consolidating below $400 and above the $365 support zone.\u00a0 A loss of $365 for ETH could break Ethereum&#8217;s bullish run in the crypto markets.\u00a0 $365 was Ethereum&#8217;s peak value in 2019.\u00a0 However, if Bitcoin maintains its course above $11,500, Ethereum could have a chance at rekindling its bullish drive.\u00a0 Low trade volume is a characteristic of most weekends in the crypto markets. According to Coinmarketcap, Ethereum&#8217;s daily trade volume on Friday, August 7th, was approximately [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":56452,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[823],"tags":[7002,1322,213,5016],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/563129"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=563129"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/563129\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/56452"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=563129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=563129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=563129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}