ETH appears able to have one other go at tackling the $200 resistance and merchants are questioning if the present surge the results of constructive information or a extra technical transfer.
Ethereum Worth: Market Overview
Ethereum 00 had spent the final three weeks in a rut however a development reversal on the ETH-BTC might imply it’s ETH’s time to run alongside Bitcoin.
The current surge was probably influenced by the rumor that the CFTC may approve Ethereum futures and Consensus 2019 quick approaches and the approaching days and worth motion will reveal whether or not the transfer was a technical or media-driven surge.
On condition that Ethereum worth has been crushed all through 2018, the approval of CFTC ETH futures would doubtless obtain lengthy bets from traders since ETH stays mild years away from its 2018 all-time excessive.
ETH-BTC Day by day Chart
On Monday the ETH-BTC pairing broke the lengthy sample of decrease lows and after setting a better excessive and low it seems that development reversal could possibly be in play.
ETH managed to briefly pop above the falling wedge however on the time of writing the digital asset is retracing as BTC dropped sharply after reaching a brand new 2019 excessive.
ETH-BTC Month-to-month Chart
As proven on the month-to-month chart, a transfer to 0.032247 and 0.038508 would affirm that ETH has modified the development for the quick time period and an much more encouraging transfer would see ETH overtake the earlier month-to-month excessive at 0.041824 and set a better low on the month-to-month chart.
ETH-USD Day by day Chart
The each day chart for ETH-USD reveals the newest transfer introduced the highest altcoin above the 100 day MA (white) and the 61.8% Fib retracement degree. There’s additionally a bullish cross on the MACD and an in depth above $187.62 might open the trail to $200.
ETH is now positioned to overhaul the descending trendline and the current excessive at $187.62 and the transfer is more likely to accompany Bitcoin’s try and overtake $6,000. ETH has pretty dependable help at $160 on the 100MA and in addition at $156 and $145.
At present, $190 and $200 symbolize the stiffest overhead resistance. A fast look on the weekly chart reveals if ETH maintains its upward momentum the 12 and 26 EMA might pull of a bullish cross for the primary time since March 2017 and the weekly RSI can be approaching bullish territory.
Do you assume ETH will overtake $200 this week?
[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]
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