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The market had finally started the upward correction, with the price of Bitcoin increasing by 15% compared to the $ 3600 support, Ethereum increased by 21%, from $ 98 to $ 118.
This correction was anticipated after the massive decreases since BTC broke the descending triangle formation in the daily chart, precisely two weeks ago.
From the beginning of this bearish sentiment, every correction has been rather flat, and now, for the first time, we see the bulls fighting to gain a bit of momentum.
At the moment, it is too early to determine if this rebound is a beginning of a change in the direction of the trend, or just a temporary correction before plunging deeper into the price of $ 3,000.
Looking at the 4-hour chart
At the time of writing, Ethereum is traded around the price level of $ 120 and is attempting to exceed the resistance level to support $ 120 – $ 124.
Notice how the $ 100 round number acted as a healthy support level and was well kept against bear efforts. It is a mentally strong number and a logically right place for bulls leaving their limited purchase orders. As mentioned in our previous analysis, the rebound after reaching $ 100 was expected.
ETH forecast
If the bulls continue their excellent work and ETH exceeds the resistance level of $ 120 – $ 124, then the 55EMA could be the next target – at $ 128 or even higher: at $ 135 – $ 137, where is the next resistance level from the daily chart.
On the other hand, if the resistance level holds up and the bears try to regain power, then the ETH will probably go back to testing the $ 100 area.
BitStamp ETH / USD 4-hour chart
TradingView cryptocurrency charts. Coinigy technical analysis tools.
CryptoPotato video channel
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