Lately, ETHUSD has been on a strong rally and its upwards move seems unstoppable,
or maybe not…??
Cryptos look as if they are preparing for a new leg up but current financial news alongside their technical view, show that they start to get a bit weaker.
More specifically, Ethereum has made a 1600 point upwards wave without a single significant rotation. This is being made clearer in the 4-hour timeframe. The ascending trendline’s angle is showing the steepness of the move. However, with the help of the MACD indicator, a bearish divergence can be observed that indicates a possible correction. Though, until the trendline gets violated the bulls are still under control.
But which are going to be the next targets for both sides?
The Fibonacci tool in conjunction with some major support and resistance points can indicate probable stopping points.
As you can see in the Daily timeframe, the price has reached the upper level of the ascending channel. If the price violates the channel to the downside then it can even reach the 2500 level.
This is where the 50% fib retracement is located and a major support level. On the other side if this move continues then ETHUSD can reach close to its all-time high at the 4200 price point where it will meet the 161.8% fib extension of the move.
This is the current scope for the second most traded crypto in the market. Stay alert and tuned for its next massive move.
Disclaimer
The views expressed do not constitute investment or any other advice/recommendation/suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade. Every metric and the statistical number is a result of a past performance, which does not constitute a promise or a certainty for a future one.