Ether price news this week February 10 to 16: the coin is likely to remain range-bound
After the recent rise, will the rally continue? Let’s look at the charts to find out.
Ethereum’s highly awaited upgrade Eth 2.0, which was previously slated for January 2020 and then postponed to an undisclosed date in Q2 2020 might finally launch by July 30, 2020 (the 5th anniversary of Ethereum 1.0), according to Eth 2.0 researchers Danny Ryan and Justin Drake.
With this launch, named Serenity, the market participants expect higher transaction throughput and a new security model as the Ethereum community undergoes the transition to Proof of Stake.
The market participants are positive about the upcoming launch of Eth. 2.0. However, after the recent rise, will the rally continue or hit a roadblock? Let’s do the Ether price analysis to find out.
Ether price prediction – February 10 to 16
As the crypto markets pick up momentum, the Ether price analysis of the weekly chart will give us a better picture of its long-term trend. However, the short-term trend and the Ether price prediction for the period February 10 to 16 will be done by analysing the daily chart.
Ether price chart – weekly
Ether rallied sharply last week recording a gain of 21.55 per cent. As we had expected, the ETH to USD pair picked up momentum above $200. The price is currently near the stiff overhead resistance at $239.30. The bears are anticipated to defend this level aggressively.
However, if the bulls do not give up much ground, the possibility of a break above $239.30 increases. Above this level, the pair can move up to $288 and above it to $318.
Contrary to our assumption, if the bears sink the price below the previous resistance turned support at $200, a drop to $157 is possible. After the sharp rally of the past week, the Ether price analysis of the weekly chart points to a possible minor correction or consolidation. Let’s do the Ether price analysis of the daily chart to spot the critical levels to watch out for.
ETH to USD chart - daily
After five days of sharp rally, Ether is showing signs of tiring out today. The extreme overbought reading on the RSI suggests that the rally had been overdone in the short-term and a minor correction or consolidation is likely.
As the price approaches the stiff overhead resistance at $329.30, profit booking can be seen by the short-term traders. This can drag the price to the 20-day EMA, which is likely to act as a strong support once again. The bears have not been able to sink the price below the 20-day EMA since January 4.
If the price bounces off the 20-day EMA, the bulls will make another attempt to scale above the overhead resistance at $329.30. If successful, the rally can extend to $318.
On the other hand, if the bears sink the price below the 20-day EMA, a deeper correction to the 50-day SMA is possible.
Ether price prediction for February 10 to 16: How to trade it
As stiff resistance at $239.30 is expected, we suggest traders book partial profits on their long positions on any rise to $225. The stop loss on the remaining position can be trailed higher to just below the 20-day EMA to protect the paper profits. During the week, if the bulls push the price above $239.30, the stops can be trailed higher to about $225 levels.
FURTHER READING: Ether and Ethereum: what is the difference?
FURTHER READING: What will 2020 hold for Ethereum and its cryptocurrency Ether?