Ethereum price has been rising steadily during the past few days along the upwards trend line that has been evident since April 7th. $700 was repeatedly the day high on Saturday and Sunday. Repeated cycles of upwards price bursts followed by brief downwards price correction attempts have been evident on the 4 hour ETHUSD charts, since last Friday. However, the upwards trend line has been acting as a rising support level during the past few days. The market seems to be moving towards testing the resistance around $713.24 during the first few days of the upcoming week.
So, can we expect ethereum price to exceed $700 during Tuesday’s trading sessions?
We will examine the 1 day ETHUSD chart from Bitfinex, while plotting the 50 day SMA (green curve), the 100 day SMA (red curve), and the Ichimoku Cloud, as shown on the below chart. We will maintain the Fibonacci retracements we plotted during an earlier analysis, which extend between the low recorded on October 23rd, 2017 ($273.50), and the high recorded on January 13th, 2018 ($1,424.06). We can note the following:
Now, let’s examine the 4 hour ETHUSD chart from Bitfinex, while plotting the 50 period SMA (green curve), the 100 period SMA (red curve) and the Bollinger Bands indicator, as shown on the below chart.
Ethereum price has been moving along an upwards trend line during the past few days. Even though the price of ether failed to exceed $700 during Saturday’s and Sunday’s trading sessions, we are most likely to see it move towards $713.24 during the next 24-48 hours.
Charts from Bitfinex, hosted on Tradingview.com
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