Bitcoin Edging Higher While Ethereum Is Pressured by Resistance

Ethereum lost significantly on Tuesday– $12.27 or 3.25%. Bitcoin reached the 20-day SMA on Tuesday, September 15th, finishing the day at $10,826.50. The Tuesday session proved that Bitcoin is on the rebound course after the early-September losses. Being under substantial pressure, ETH will likely stay below $378, Bitcoin edging higher at a quick pace could lend Ethereum some support and get it off its down course.

Bitcoin may still come under pressure from the 50-day SMA at around $11,200 today, however there is no severe technical resistance until $11,625. Bitcoin is most likely to reach this price level by the 20th of September.

On 15th of September, Bitcoin continued its consistent development after breaking through its sideways pattern versus USD on Monday. The BTC/USD quote included $135 or 1.26% on Tuesday. Meanwhile, Ethereum lost significantly on Tuesday– $12.27 or 3.25%. The smart-contract leader has actually come under the pressure from the day-to-day resistance level at $378.

Ethereum looks much less specific. Although being under significant pressure, ETH will likely remain listed below $378, Bitcoin edging higher at a fast rate might lend Ethereum some assistance and get it off its downward course. But still, it is more most likely ETH will complete this week at around $370– $380 dollars.

Presently, there is extremely frail support for Ethereum, and it looks extremely vulnerable to further losses. There is a bit of a backing at $360, however it will not stand if the sellers are available in full force. On top of that a descending triangle is forming on the 4-hour chart. Therefore, Ethereum holders must watch out for additional near-term losses.

Ethereum, on the contrary, is under far more substantial pressure from the day-to-day resistance level at $378. At the start of Tuesdays trading session at 2:00 UTC Ethereum attempted to break above it, however the per hour candlestick finished as a shooting star, giving just more stimulus to a downside relocation, which saw ETH close Tuesdays session at $365..

Bitcoin reached the 20-day SMA on Tuesday, September 15th, completing the day at $10,826.50. The Tuesday session proved that Bitcoin is on the rebound course after the early-September losses. On the per hour chart the bullish flag formation formed on Tuesday, which is expected to convert into the next bullish price action later today. At 9:00 UTC Bitcoin began its relocation off the local support at $10,667 and reached $10,940 by 12:00. Then a correction followed, taking the pioneer cryptocurrency to $10,799 at the end of Tuesdays session.

Konstantin Anissimov, Executive Director at CEX.IO

Bitcoin is on a clearly recognizable benefit course, and wagering versus it in the mid-term period will be a sure method to losses. To be careful, it will be affordable to anticipate BTC to reach $11,200 later today, however in case bullish sentiment increases, the price might have reached the weekly resistance level at $11,625 by the 20th of September.

What to Expect Later This Week.

Executive Director at CEX.IO.