Ethereum (ETH)
Market Cap: $58.98B
Circulating Supply: 99.88M ETH
Max Supply: 0 ETH
Volume (24h): $1.84B
Ethereum (ETH) Technical Analysis
ETH/USD changed little today but continues to be under selling pressure in the short term. The rate has managed to rebound and to stay above a crucial support level. Right now we need a confirmation that the rate will increase further in the short term because the rate dropped significantly in yesterday’s trading session.
However, yesterday’s drop could be considered to be only a temporary one because the rate could try to test and retest the broken dynamic resistance. We’ll see what will really happen because Ethereum (ETH) and all the major cryptocurrencies have decreased a little after the last day’s increase.
Ethereum increased after the false breakdown below the lower median line (LML) of the ascending pitchfork. It has managed to jump and close above the outside sliding line (SL) of the descending pitchfork. The price has come back to pressure the broken sliding line (SL), so, it remains to see if this will really be a valid breakout. ETH/USD could test and retest the LML as well before it will really decide to increase.
The false breakdown below the LML has signalled another leg higher, so we can go long on this but only if the rate will stay above the SL and above the LML.
Conclusion
Ethereum (ETH) has turned to the upside on the short term, but only a rejection from the SL and from the LML will really confirm a further increase. You can go long on this if the rate will stay above the mentioned support lines having a first target at the 50% Fibonacci line and the second target at the ML of the ascending pitchfork. The Stop Loss can be placed below the LML.
