Ethereum price analysis – Rising steadily towards $713.24

Ethereum price has been rising steadily in the course of the previous few days alongside the upwards development line that has been evident since April  seventh. $700 was repeatedly the day excessive on Saturday and Sunday. Repeated cycles of upwards price bursts adopted by transient downwards price correction makes an attempt have been evident on the four hour ETHUSD charts, since final Friday. Nonetheless, the upwards development line has been performing as a rising help stage in the course of the previous few days. The market appears to be shifting towards testing the resistance round $713.24 in the course of the first few days of the upcoming week.

So, can we count on ethereum price to exceed $700 throughout Tuesday’s buying and selling classes?

Ichimoku Cloud simply turned inexperienced on the 1 day ETHUSD chart:

We’ll look at the 1 day ETHUSD chart from Bitfinex, whereas plotting the 50 day SMA (inexperienced curve), the 100 day SMA (pink curve), and the Ichimoku Cloud, as proven on the beneath chart. We’ll preserve the Fibonacci retracements  we plotted throughout an earlier analysis, which lengthen between the low recorded on October 23rd, 2017 ($273.50), and the excessive recorded on January 13th, 2018 ($1,424.06). We are able to notice the next:

  • Through the previous week, ethereum price has been recording greater highs throughout many of the days. Nonetheless, on Saturday and Sunday, the day excessive was repeatedly $700, which displays that the bullish momentum is someway slowing down as we’re approaching the resistance across the 61.eight% Fibonacci retracement ($713.24) (the orange horizontal line on the above chart).

 

  • The rising uptrend line (bluish upwards sloping development line on the above chart) is performing as a rising help stage that’s stopping the drop of the price of ether beneath its stage. That is evidenced by the rising day lows in the course of the previous few days, and the relative lengthy downwards shadows of candlesticks of Wednesday’s and Thursday’s buying and selling classes. As price continues shifting alongside this uptrend line, ethereum price will likely rise towards testing the resistance round $713.24 early in the course of the upcoming week. As repeated testing of a resistance stage weakens it, the resistance across the 61.eight% Fib. retracement ($713.24) is prone to be damaged whether it is examined once more in the course of the subsequent 24-48 hours.

 

  • Ethereum price is at present above the 50 day SMA, and the 100 day SMA. Furthermore, the 50 day SMA is at present above the 100 day SMA, which displays the present bullish sentiment of the market. The 50 day SMA acted as a help stage that prevented additional price drop in the course of the buying and selling classes of final Wednesday and Thursday.

 

  • The Ichimoku Cloud has simply turned inexperienced (bullish), and ethereum price is at present above the cloud. Furthermore, the Conversion Line (blue line) is above the Base Line (pink line), and ethereum price is above the extent of the Base Line. All these bullish indicators conveyed through the Ichimoku Cloud point out that we will see the price of ether exceed $700 early in the course of the upcoming week.

Rising help stage evident on the four hour ETHUSD chart:

Now, let’s look at the four hour ETHUSD chart from Bitfinex, whereas plotting the 50 interval SMA (inexperienced curve), the 100 interval SMA (pink curve) and the Bollinger Bands indicator, as proven on the beneath chart.

  • Because the price of ether dropped close to the extent of the uptrend line, it grew to become evident how this uptrend line is supporting price fairly nicely, as proven by the formation of a “doji”, and the lengthy downwards shadows of candlesticks.

 

  • A “bullish crossover” is now evident, because the 50 interval SMA has crossed above the 100 interval SMA.

 

  • Since final Thursday, repeated bouts, consisting of bullish bursts adopted by downwards price correction makes an attempt, have been evident on the chart. These repeated bouts have been supported by the upwards sloping development line (greenish development line on the chart). As such, the market is steadily shifting towards retesting the resistance round $713.24 (orange horizontal line) early throughout this week.

Conclusion:

Ethereum price has been shifting alongside an upwards development line in the course of the previous few days. Though the price of ether didn’t exceed $700 throughout Saturday’s and Sunday’s buying and selling classes, we’re most definitely to see it transfer towards $713.24 in the course of the subsequent 24-48 hours.

Charts from Bitfinex, hosted on Tradingview.com

About Tom Greenly

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