The ETH/USD pair has been trading in an ascending channel pattern since the middle of December.
The Ethereum cryptocurrency breached the upper boundary of a dominant descending channel at 150.5 on January 4.
Given that a breakout had occurred, it is likely that the blockchain will continue moving north towards a resistance cluster formed by the combination of the weekly and the monthly PPs at the 170.00 mark.
Meanwhile, technical indicators suggest that the rally will continue during the following trading session.
The Ethereum cryptocurrency breached the upper boundary of a dominant descending channel at 150.5 on January 4.
Given that a breakout had occurred, it is likely that the blockchain will continue moving north towards a resistance cluster formed by the combination of the weekly and the monthly PPs at the 170.00 mark.
Meanwhile, technical indicators suggest that the rally will continue during the following trading session.
Comment:
The Ethereum cryptocurrency has continued to depreciate against the US Dollar. The 50–hour simple moving average has guided the pair toward the 105.40 area a few days ago.
As for the near future, it is likely that the ETH/USD exchange rate continues to fall during the following trading sessions. The potential downside targets will be near the weekly S1 at 89.60.
Although, the monthly support level at 105.40 could hinder bears from pushing the cryptocurrency lower today.
As for the near future, it is likely that the ETH/USD exchange rate continues to fall during the following trading sessions. The potential downside targets will be near the weekly S1 at 89.60.
Although, the monthly support level at 105.40 could hinder bears from pushing the cryptocurrency lower today.
The ETH/USD pair tested the 200-hour simple moving average at 122.4 during the morning hours of Wednesday’s trading session.
If this support level formed by the 200-hour SMA holds, the blockchain will likely aim for the weekly R1 at 148.36 during the following trading session.
On the other hand, if the pair passes the SMA, the next target for bearish traders will be at the weekly S1 at 103.76.