ETH Explodes Above $1.2K, Here's the Next Target (Ethereum Price Analysis) - Daily Bitcoin news

ETH Explodes Above $1.2K, Here’s the Next Target (Ethereum Price Analysis)


Ethereum is up by a whopping 16% in the past seven days alone as the bulls pushed have the price above $1200 and seek higher levels. The question is if this rally is sustainable or if we’re bound to go into another pullback.

technical analysis

By Grizzly

The Daily Chart

The following chart contains the daily 50 DMA (in yellow) and MACD (14, 30), marked in blue. During the last three attempts to initiate a rally, every time the MACD line broke the baseline, the histogram bars turned green, and the price crossed the MA50. According to recent historical data, these two signals, when triggered, have designated a breakout opportunity.

Currently, these have not yet been triggered. However, the MACD is moving towards the baseline while the price is approaching. Therefore, there is a relatively higher probability of a short-term rally if the mentioned structure is achieved in the coming days.

Key Support Levels: $1000 & $900
Key Resistance Levels: $1300 & $1500

img2
Source: Trading View

Moving Averages:
MA20: $1144
MA50: $1471
MA100: $2148
MA200: $2592

The ETH/BTC Chart

Against BTC, keeping the same considerations in mind, the price is currently struggling with the 50 DMA. The MACD is close to the baseline. Against BTC, ETH seems to be better off. This means that if the necessary confirmations are accomplished, Ethereum could probably outperform Bitcoin.

3
Source: Trading View
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making investment any decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.





Source link

Leave a Comment