Price Ethereum is now taking “a little break” after the attempt to break the resistance zone of $ 150. Unfortunately, the bulls failed to break this line in one spurt, so in the near future we can expect a rollback value of an asset by a few percent.
The General situation looks like this:
- The Ethereum continues to move in the medium-term uptrend;
- on a scale of 4-hour chart formed a bullish pattern — an asset that is likely to make the jump up.
- buyers were able to prevent serious drain after testing resistance.
This morning Ethereum is trading at 147 dollars. For the past day, the cryptocurrency has risen by 0.99 percent.
From the point of view of fundamental analysis the approach of hard forks Constantinople to be a positive influence on Ethereum. Over the past week, ETH, and so pleased traders good volatility. The number of open shorts ETH/USD continues to decline, indicating that the bullish attitude of the majority.
Scale 1-hour chart the asset is slightly above the 20 SMA, the indicator Bollinger bands began to narrow. In other words, market players take expectant position to support the subsequent price breakthrough. The probability of a new “assault” level $ 150 is still growing every day.
While the nearest support level in this scale can serve as a line 0.786 Fibonacci laid in the Wake of rising from 119 to $ 149. The bullish scenario will remain until such time as the buyers manage to hold the cryptocurrency is above $ 140.
On a scale of 4-hour chart there was an important crossover on the stochastic indicator. Now virtually any significant rise of trading volume can help Ethereum to gain a foothold above $ 150. If the break of the support zone of $ 140 still happens, open the shorts with the purpose of fixing the profit at 120 dollars.
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