While a lot of attention is paid to Bitcoin as it leads the movement in price of cryptocurrencies, Ethereum is showing some signs that may interest traders who are looking for the right opportunity to buy.
Chart formations and technical indicators in the past few days seem to suggest an imminent upward movement for the world’s second largest cryptocurrency.
A decent support looks to have been put in place for Ethereum at the $150 price level. However, trading at $157 as at the time of writing sees Ethereum above an initial resistance level at $154 which can now be termed as another support. This price movement by the bulls is targeted around the $160 and $162 strong areas, around which we expect to extract some significant information, based on what happens then.
Looking at the chart history, it can be seen that Ethereum slumped to as low as $146 before recovering to trade above $155, but failed to breach the $158 barrier. This led to a fresh dip in price that created the new support at $150, where price rested ahead of the recovery leading to the current price level that we are experiencing.
Some key indicators are suggesting an upward movement in the short term. They include Ethereum’s price climbing above the 50% Fibonacci retracement level of the last swing, and a break above the hourly connecting bearish trend line near the $152 level.
Currently, price movement has dulled, and the market seems to be taking a breather and gathering momentum towards the next move.
The bulls are getting ready to push the market even higher. However, some key areas that must be observed with closer attention are the $150 support level and $156 resistance level. Whatever happens around these areas may have a major influence on the decision of traders who are currently sitting on their hands and waiting for when to jump in.
CryptoFish provides the latest news, educational insights and a secure place to buy various cryptocurrencies.
At CryptoFish, we offer a very simple way for you to instantly purchase leading cryptocurrencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple using your debit or credit card online.
CryptoFish does not store your credit card details, encrypts your personal information and is GDPR compliant, making it one of the safest and most secure options. You can trust CryptoFish to easily, securely, and instantly buy cryptocurrency.
If you have any questions, please check out our FAQ section on the website or visit our Educational Portal. Our super-friendly CryptoFish support team is also here to assist you. You can drop them an email or chat live on the website. To chat, simply type your question into the chat box on the bottom right hand side of your screen.
By signing up for updates you will receive the most relevant global news stories. The CryptoFish News Desk cuts through the online hype so you don’t have to.