Ethereum price analysis – Bulls still on top!

 

Ethereum price continued on rising at the moment to attain a day excessive of $830 earlier at the moment. The price of ether has been recording increased day highs for 4 successive days now. Furthermore, the closing day price has been rising since final Wednesday. The bulls’ management over the market is rising stronger because the price of ether is heading steadily in direction of a big resistance degree close to $850. The rise in ethereum price is mirroring bitcoin’s hovering price which is approaching the $10,000 price mark.

Can we see the resistance round $849.08 breached earlier than the top of the present week?

four successive bullish candlesticks on the 1 day ETHUSD chart:

We’ll look at the 1 day ETHUSD chart from Bitfinex, whereas plotting the Ichimoku Cloud, the MACD indicator, and the Williams Alligator indicator, as proven on the beneath chart. We’ll keep the Fibonacci retracements  we plotted throughout an earlier analysis, which prolong 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:

  • After the 61.eight% Fib. retracement ($713.24)(horizontal orange line) was breached final Wednesday, the speed of rise in ethereum price elevated considerably. That is evidenced by the lengthy physique of the bullish candlestick that corresponds to Wednesday’s buying and selling session. Since then, four successive bullish candlesticks have been shaped, and better highs have been recorded every day. Nevertheless, the comparatively lengthy upwards shadows of candlesticks that correspond to Saturday’s and Friday’s buying and selling periods, denote that there’s elevated resistance in direction of the 50% Fibonacci retracement ($849.08) (horizontal inexperienced line).

 

  • The MACD indicator is still bullish, as its worth is within the constructive territory. The MACD blue line can also be above the pink sign line. This displays that the bullish wave is still energetic.

 

  • The Ichimoku Cloud has became the inexperienced coloration (bullish). Candlesticks are above the cloud and transferring additional away from it, which displays that the bullish wave is getting stronger. The Conversion Line (blue line) has crossed above the Base Line (pink line). Ethereum price is above the extent of the Base Line (pink line). The Main Span A (inexperienced) line of the cloud represents a assist degree on the draw back, so $660 represents a robust assist degree that may be very unlikely to be breached in the course of the subsequent 26 days (Notice: the Ichimoku Cloud is shifted 26 intervals into the longer term).

 

 

  • As such, probably the most logical situation is to see the price of ether proceed rising in direction of $849.08 in the course of the subsequent few days. From the draw back, ranges of assist are $713.24, adopted by $660.

Let’s check out the four hour ETHUSD chart from Bitfinex, whereas plotting the 50 interval, 100 interval, and 200 interval SMAs, as proven on the beneath chart. We are able to notice the next:

  • The price of ether is still transferring alongside the upwards pattern line that has been evident since April seventh. Much more, the comparatively lengthy downwards shadows of candlesticks close to $770 denote that this price degree is beginning to act as a assist degree.

 

  • The 50 interval SMA has crossed above the 200 interval SMA, as we acknowledged throughout our earlier ethereum price analysis. Now, the 50 interval SMA has crossed above the 100 interval SMA, and the 100 interval SMA is about to cross above the 200 interval SMA. These are all known as “bullish crossovers” and level to the power of the present bullish wave.

Conclusion:

Ethereum price is still rising, efficiently recording a day excessive of $830 on Saturday. As per our technical analysis, the price of ether will most likely proceed on rising in direction of $850, earlier than a robust downwards price correction try turns into evident.

Charts from Bitfinex, hosted on Tradingview.com

 

About Tom Greenly

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