Why ETH Could Rally To New ATH
Ethereum is up over 10% and it broke the $1,250 resistance against the US Dollar. ETH price is trading above...
Ethereum is up over 10% and it broke the $1,250 resistance against the US Dollar. ETH price is trading above...
Bitcoin price is struggling to gain momentum above $37,500 and $37,800 against the US Dollar. BTC could decline again if...
Police in Iran have reportedly seized 45,000 bitcoin mining rigs for illegally using subsidized electricity from the state-owned power utility...
Strategist and investment guru Lyn Alden has suggested that over the long-term bitcoin is more likely to succeed than Ethereum’s...
The European Union (EU) is reportedly planning to reduce its reliance on the U.S. dollar-based financial system, after American sanctions...
It joins several other ETP providers on the exchange, including ETC Group, with its own physically backed bitcoin product. Credit:...
An Ecuadorian presidential candidate hinted at creating a cryptocurrency in the country as part of its government agenda. Giovanny Andrade...
XRP has had an extremely difficult run since 2017 and things have only turned worse. But somehow despite the poor...
After the co-owner of the Atilis Gym in New Jersey appeared on TV and told the public the state confiscated...
At the end of an 80-year global debt supercycle, who benefits from having the U.S. dollar as the world’s reserve...
Ethereum is up over 10% and it broke the $1,250 resistance against the US Dollar. ETH price is trading above $1,300 and it is likely to accelerate further higher in the near term.
In the past 2-3 sessions, Ethereum started a strong increase above the $1,200 zone, and it outperformed bitcoin. ETH price broke many important barriers near $1,245 and $1,250 to move further into a bullish zone.
The bulls gained strength, resulting in a rally above the $1,280 resistance. To start the rally, there was a break above a major contracting triangle with resistance near $1,245 on the hourly chart of ETH/USD. Ether price is now up over 10% and it is trading well above the 100 hourly simple moving average.
A high is formed near $1,346 and the price is currently consolidating gains. An initial support on the downside is near the $1,315 level. It is close to the 23.6% Fib retracement level of the recent wave from the $1,215 swing low to $1,346 high.
Source: ETHUSD on TradingView.com
On the upside, the $1,345 and $1,350 levels are initial hurdles. A clear break above the $1,350 level could open the doors for a sharp increase. In the stated case, ether price will most likely surpass the $1,400 and $1,420 levels in the near term. The next major resistance is near the $1,500 level.
If ethereum corrects lower below the $1,315 and $1,300 levels, it could find a strong support near the $1,280 level (a decent bid zone).
The 50% Fib retracement level of the recent wave from the $1,215 swing low to $1,346 high is also near the $1,280 level to provide support. Any more losses could lead the price towards the $1,250 zone (resistance turned support).
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is well above the 50 level.
Major Support Level – $1,280
Major Resistance Level – $1,350
Credit: Source link